With the latest round of equity infusion by Mubadala for a 1.85% equity stake, Reliance Industries’ Jio Platforms has raised a total of Rs 87,655 crore in a matter of just six weeks.

Reliance Jio continues its equity fund raising spree with minor equity stakes dilution, with Abu Dhabi-based sovereign investor Mubadala becoming the newest investor in the Mukesh Ambani firm for a little over Rs 9,093 crore. With the latest round of equity infusion by Mubadala for a 1.85% equity stake, Reliance Industries’ Jio Platforms has raised a total of Rs 87,655 crore in a matter of just six weeks. Reliance Jio has thus far sold a total of 19% equity stake to several investors, the most notable among them being Facebook. The foreign equity investments into Reliance Jio come as global investors find growing attraction for India’s digital consumer market.

On the other hand, such investments put Mukesh Ambani’s Reliance group on the fast track to becoming a net zero-debt company ahead of the schedule, apart from providing it with foreign capital and strategic partnerships. “Through my longstanding ties with Abu Dhabi, I have personally seen the impact of Mubadala’s work in diversifying and globally connecting the UAE’s knowledge-based economy,” Reliance Industries Chairman Mukesh Ambani said in a statement. “We have seen how Jio has already transformed communications and connectivity in India, and as an investor and partner, we are committed to supporting India’s digital growth journey,” Mubadala Investment Company Managing Director and Group CEO Khaldoon Al Mubarak said in the statement.

The Mubadala transaction values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, Reliance said, same as the last few investments. Before this, KKR announced investing Rs 11,367 crore in Jio Platforms for a 2.32 per cent equity stake; General Atlantic announced investing Rs 6,98.38 crore for 1.34 per cent stake; Vista Equity Partners said it would invest Rs 11,367 crore for 2.32 per cent stake; Silver Lake announced Rs 5,655.75 crore investment for a 1.15 per cent stake; while last month, Facebook announced a Rs 43,574 crore mega strategic investment in Jio Platforms for a 9.99 per cent stake. Jio Platforms, Reliance Industries digital services umbrella unit, currently has nearly 39 crore subscribers.