Continuing its fund-raising spree, Jio Platforms, a subsidiary of Asia's richest man Mukesh Ambani-controlled Reliance Industries Ltd (RIL), has raised Rs 5,683.50 crore from Abu Dhabi Investment Authority (ADIA). This is the eighth in a series of fund raising by Jio Platforms since April 22.

ADIA’s investment will translate into a 1.16 per cent equity stake in Jio Platforms on a fully diluted basis, RIL said in a regulatory filing.

With the latest round, Jio Platforms has raised a total of Rs 97,885.65 crore from global technology and growth investors such as Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala. It raised two rounds of funding from Silver Lake in the past seven weeks.

“I am delighted that ADIA, with its track record of more than four decades of successful long-term value investing across the world, is partnering with Jio Platforms in its mission to take India to digital leadership and generate inclusive growth opportunities. This investment is a strong endorsement of our strategy and India’s potential,” Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said.

Read more:

“Jio Platforms is at the forefront of India’s digital revolution, poised to benefit from major socioeconomic developments and the transformative effects of technology on the way people live and work. The rapid growth of the business, which has established itself as a market leader in just four years, has been built on a strong track record of strategic execution. Our investment in Jio is a further demonstration of ADIA’s ability to draw on deep regional and sector expertise to invest globally in market leading companies and alongside proven partners,” Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA, said.

On Friday, Jio Platforms had raised Rs 9,093.60 crore from Abu Dhabi-based sovereign investor Mubadala Investment Company in lieu of a 1.85 per cent stake. READ THE STORY: Jio Platforms raises ₹9,093.60 crore from Mubadala

On the same day, it also raised Rs 4,546.80 crore Silver Lake and co-investors. READ THE STORY: Jio Platforms raises Rs 4,546.80 crore Silver Lake, co-investors

With plans to raise funds totalling Rs 1.62-lakh crore by December, RIL will emerge net-debt free by the end of this calendar year, much ahead of its own earlier estimates of debt-free by March 2021. READ THE STORY: Reliance Industries to be debt-free by year-end

On Friday, RIL’s share prices rose over 2 per cent to Rs 1,617.70 in early trade, hitting a 52-week-high on the BSE after the announcement of Mubadala’s investment. The shares ended up 0.04 per cent at Rs 1,580 on BSE.

Funds Jio Platforms raised since April 22