Reliance Jio gets $873 million investment from General Atlantic

Billionaire Mukesh Ambani extended his fund-raising streak for Jio Platforms Ltd. by selling an $873 million stake to General Atlantic, an early investor in Airbnb Inc. and Uber Technologies Inc.

The U.S.-based private equity fund’s agreement to take a 1.3% stake sets an enterprise value of 5.16 trillion rupees ($68 billion) for the digital services business of Ambani’s Reliance Industries Ltd., the Mumbai-based company said Sunday. The talks with General Atlantic were first reported by Bloomberg News.

The transaction takes investment raised by Jio in recent weeks to almost $9 billion, including stakes sold to Facebook Inc., Silver Lake and Vista Equity Partners. The deal announced late Sunday also broadens backing for Jio’s plan to use its almost 400 million mobile phone subscribers as a base for an e-commerce drive to shake up India’s vast consumer markets from retail to education and payments.