General Atlantic To Invest $871M In India's Jio Platform, Joining Facebook, Vista, Silver Lake As Stakeholders

New York-based private equity firm General Atlantic is investing $871 million in Indian behemoth Reliance Industries Ltd.'s digital arm Jio Platforms, the latter announced Sunday.

The funding values Jio at around $68.3 billion and gives General Atlantic about 1.34% stake in India's largest mobile network operator.

This is the fourth major investment by a United States-based company in Jio in less than four weeks.

Facebook Inc. (NASDAQ: FB) acquired a nearly 10% stake in the company in April, with an investment of $5.7 billion.

Private equity firm Silver Lake followed with a $748.3 million investment. Vista Equity Partners invested $1.5 billion to make it the third-largest shareholder in Jio after Reliance and Facebook.

Launched in 2016 by Asia's second-richest man Mukesh Ambani, Jio has come to dominate the digital services market in India.

The company's latest plan is to enter the e-commerce sector in the country, in partnership with Facebook subsidiary WhatsApp, a move that is likely to trouble market leaders Amazon.com Inc. (NASDAQ: AMZN) and Walmart Inc. (NYSE: WMT) subsidiary Flipkart.