Late last month, Digital Music News was first to report that Facebook had invested $5.7 billion in Indian telecommunications giant and JioSaavn owner Reliance Jio. Now, the sizable conglomerate, which is worth an estimated $66 billion, has received an additional $747 million (56.56 billion Indian rupees) from California tech-investment firm Silver Lake.
Silver Lake announced its high-profile buy in via a press release, which was shared with Digital Music News. The Menlo Park-based investment firm’s funding translates into slightly more than a one percent stake in the JioSaavn parent company; Facebook’s $5.7 billion backing produced a 10 percent ownership share.
Additionally, Silver Lake emphasized the long-term significance of its investment and of the role that technology will play in helping India recover from the economic impact of the coronavirus (COVID-19) pandemic. “Comprehensive digitisation will be a vital component of the revitalization of the Indian economy,” Silver Lake noted in its press release.
Founded in 1999 by four business professionals, including Flying Other Brothers and Moonalice member Roger McNamee, Silver Lake has approximately $43 billion in the market presently. The firm possesses stakes in GoDaddy, The Madison Square Garden Company, William Morris Endeavor, and others.
Addressing the Silver Lake investment, Reliance Industries Chairman and Managing Director Mukesh Ambani said: “I am delighted to welcome Silver Lake as a valued partner in continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians.”
Silver Lake co-CEO and Managing Director Egon Durban, for his part, stated: “Jio Platforms is one of the world’s most remarkable companies, led by an incredibly strong and entrepreneurial management team who are driving and actualizing a courageous vision.”
India lifted a portion of its coronavirus-centered lockdown measures yesterday, by allowing some nonessential businesses to reopen. To date, Indian medical professionals have diagnosed about 46,500 COVID-19 cases, and over 1,500 Indians have perished from the disease’s complications.