Factbox: Fundraising spree for Reliance’s Jio Platforms values it at $65 billion

Reliance Industries has raised $10 billion in just a month through five stake sales in digital unit Jio Platforms, whose valuation has surged to $65 billion.

That makes it India’s second-most valuable standalone tech business after Tata Consultancy Services which is worth $99 billion.

Reliance Industries, controlled by Asia’s richest man Mukesh Ambani, was worth about $129 billion as of Thursday’s close. Jio Platforms’ valuation puts it just ahead of the combined value of the conglomerate’s oil, gas and other businesses.

The latest $1.5 billion investment by KKR & Co comes on the heels of four other deals. Facebook Inc led with a $5.7 billion purchase of a 9.99% stake. Vista Equity Partners has invested about $1.5 billion, General Atlantic roughly $850 million and Silverlake $750 million.