Private equity players General Atlantic (GA) and KKR have purchased a 1.34% stake and a 2.32% stake, respectively, in Reliance Industries’ Jio Platforms. GA paid $870 million and KKR paid $1.5 billion. These are the latest transactions in a string of Jio Platform share sales to US investors. In the last few weeks, Vista Equity Partners, Silver Lake and Facebook made sizeable investments.

After this fifth round of fundraising, the four-year-old Jio Platforms has received over $9 billion.

Acting for Reliance Jio on these deals and on all three previous investments was AZB & Partners. Its team was led by partners Ashwath Rau, Nilanjana Singh and Bharat Budholia. The Indian company’s international counsel was Davis Polk & Wardwell.

Shardul Amarchand Mangaldas (SAM) continued to represent the international investors. The SAM team was led by partners Raghubir Menon, Sakshi Mehra and Natashaa Shroff.

General Atlantic’s international counsel was Paul Weiss Rifkind Wharton & Garrison, while KKR’s was Simpson Thacher & Bartlett.

SAM’s Raghubir Menon commented on these deals to Legally India:  “It has been a pleasure to assist our regular clients, General Atlantic and KKR, on their investments into Jio Platforms Limited. These levels of deal activity, in such uncertain times, is wonderful news for India.”