General Atlantic to invest $873 million in Jio platforms

General Atlantic, the U.S. investment firm that helped fund Airbnb Inc. and Uber Technologies Inc., will invest about 66 billion rupees ($873 million) in Reliance Industries Ltd.’s Jio Platforms Ltd.

The deal to acquire a 1.3% stake values Jio Platforms at an enterprise value of 5.16 trillion rupees ($68 billion), the company said. The transaction takes the total investment raised by Jio to 671.9 billion rupees after it sold stakes to Facebook Inc., Silver Lake and Vista Equity Partners.

Investors are betting on Jio’s access to India’s huge consumer market, and its potential to shake up traditional industries in the country — from retail to education and payments — with its technology. India is the only major open Internet market where foreign technology giants such as Amazon.com Inc., Walmart Inc. and Google’s parent Alphabet Inc. can compete for market share.