Weeks after Facebook invested $ 5.7 billion in Jio Platforms, India’s top telecom adventurer, private equity firm Silver Lake is following suit — and is willing to pay a payment for it.

Silver Lake announced on Monday it will be investing 56.56 billion Indian rupees( about $746.8 million) in Jio Platforms for about 1.15% stake in the Indian telecom network, imparting it a valuation of $65 billion, a 12.5% premium* to the valuation implied by the Facebook investment.

The Menlo Park-headquartered PE firm, which has approximately $ 40 billion in mixed resources and perpetrated capital, has invested in dozens of tech conglomerates over the years including in video game engine maker Unity, audio and video communication service Skype, consultancy firm Gartner, Alibaba’s Ant Financial, computer giant Dell, and Chinese ride-hailing beings Didi Chuxing.

Silver Lake has realise several assets this year. Last-place month it invested in Expedia and Airbnb. In March, it invested$ 1 billion in Twitter and co-led a round in Waymo. This is the second investment Silver Lake is uttering in an Indian firm. In 2013, it invested in Bangalore-based merchandise trading and management of risks software startup Eka.

Reliance Jio Platforms, which began its commercial operation in the second half of 2016, upended the regional telecom market by providing bulk of 4G data and tone calls for six months to users at free of charge. A affiliate of Reliance Industries( India’s most valuable firm by market value ), Jio Platforms has amassed 388 million readers because it propel to become the nation’s top telecom operator.

Jio has ” imparted astonishing engineering capabilities to bear on bringing the strength of low-cost digital services to a mass consumer and small businesses population. The busines capacity they are addressing is enormous, and we are reputation and pleased to have been invited to partner with Mukesh Ambani and the team at Reliance and Jio to help further the Jio mission ,” said Egon Durban, co-chief executive and organizing spouse at Silver Lake, in a statement.

Jio Platforms, previously known as time Jio, likewise extends a suite of services that are including music streaming service JioSaavn( which has plans to become a public firm ), smartphones, broadband business, on-demand live video busines JioTV, and fees work JioPay.

In a statement, Mukesh Ambani, who oversees Reliance Industry, said,” Silver Lake has only one outstanding record of has become a priceless partner for resulting technology business globally. Silver Lake is one of the most respected enunciates in technology and finance. We are elicited to leverage revelations from their world technology relationships for the Indian Digital Society’s transformation.”

In the company’s earnings call last week, Ambani said several conglomerates had expressed interest in buying stakes in Jio Platforms, in which he has poured over $30 billion over the years, in aftermath of the deal with Facebook.

Facebook said that other than offering the capital to Jio Platforms for a 9.99% stake in the firm, it would work with the Indian giant on a number of areas starting with e-commerce.

Days later, JioMart, an e-commerce venture run by India’s most valued firm, began testing an “ordering system” on WhatsApp, the most popular smartphone app in India with over 400 million active consumers in the world’s second largest internet market.

The deals with Facebook and Silver Lake should help Ambani further cement his last year’s commitment to investors when he said he aimed to cut Reliance’s net debt of about $21 billion to zero by early 2021. Its core business, oil refining and petrochemicals, has been were hit amid the coronavirus eruption. Its net profit in the part that intent on March 31 declined by 37%.

* It’s unclear what class of shares Jio Platforms has agreed to sell to Silver Lake; if it’s the same as what Facebook has received, the urgency of the investment at a premium recommends Jio could be headed to an IPO, or can participate in various more major investments in the coming weeks — or both.

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