US Tech Fund Vista Picks 2.32% Stake in Reliance Jio for INR 11,367 croreJio Platform has raised a total of INR 60,596.37 crore from leading technology investors-Facebook, PE firm Silver Lake and Vista-in less than three weeks

US-based private equity firm Vista will invest INR 11,367 crore in Jio Platforms, a unit of Mukesh Ambani owned Reliance Industries (RIL) for an equity stake of 2.32 per cent on a fully diluted basis.

Investment by Vista values Jio Platforms at an equity value of INR 4.91 lakh crore and an enterprise value of INR 5.16 lakh crore, as per a statement from RIL. This deal makes Vista second largest investor in Jio Platforms after Facebook's investment of INR 43,574 crore ($5.7 bn) for a stake of 9.9 per cent on April 22.

Also Read:Facebook Picks 9.9% Stake in Reliance Jio for $5.7 bn

Jio Platform has raised a total of INR 60,596.37 crore from leading technology investors—Facebook, PE firm Silver Lake (INR 5,655.75 crore) and Vista—in less than three weeks.

Also Read:PE Firm Silver Lake Invests INR 5,655.75 cr in RIL's Jio Platforms

Jio Platforms is the umbrella entity of phone and data unit Jio Infocomm and several other app platforms such as JioMart, JioSaavn and JioCinema.

"Like our other partners, Vista also shares with us the same vision of continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians. They believe in the transformative power of technology to be the key to an even better future for everyone," said RIL Chairman and MD Mukesh Ambani.

Vista is known for its investments in enterprise software, data and technology enabled companies, including in firms such as digital-testing firm Applause, digital signage software company FWI and Greenway Health, which gives technology solution in healthcare industry. It has more than $57 billion in cumulative capital commitments and its global network of companies collectively represent the fifth largest enterprise software company in the world.

"We believe in the potential of the digital society that Jio is building for India. Mukesh's vision as a global pioneer, alongside Jio's world-class leadership team, has built a platform to scale and advance the data revolution it started. We are thrilled to join Jio Platforms to deliver exponential growth in connectivity across India, providing modern consumer, small business and enterprise software to fuel the future of one of the world's fastest growing digital economies," Robert F. Smith, Founder, Chairman and CEO of Vista said.

The latest deal with Vista inches RIL a step closer to cut its debt of INR 1.53 trillion and become net debt free by March 2021, as claimed by the company. RIL stated two weeks back that it will achieve the zero net debt status ahead of schedule as it is confident about completing the capital raising programme totalling over INR 1.04 lakh crore by Q1 of the current financial year.