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India's Richest Man Built a Telecom Operator Everyone Wants a Piece Of

Published by Slashdot on Mon, 01 Jun 2020


As investors' appetites sour in the midst of a pandemic, a three-and-a-half-year-old Indian firm has secured $10.3 billion in a month from Facebook and four U.S.-headquartered private equity firms. From a report: The major deals for Reliance Jio Platforms have sparked a sudden interest among analysts, executives and readers at a time when many are skeptical of similar big check sizes that some investors wrote to several young startups, many of which are today struggling to make sense of their finances. Prominent investors across the globe, including in India, have in recent weeks cautioned startups that they should be prepared for the "worst time" as new checks become elusive. Elsewhere in India, the world's second-largest internet market and where all startups together raised a record $14.5 billion last year, firms are witnessing down rounds (where their valuations are slashed). Miten Sampat, an angel investor, said last week that startups should expect a 40%-50% haircut in their valuations if they do get an investment offer. Facebook's $5.7 billion investment valued the company at $57 billion. But U.S. private equity firms Silver Lake, Vista, General Atlantic, and KKR -- all the other deals announced in the past five weeks -- are paying a 12.5% premium for their stake in Jio Platforms, valuing it at $65 billion.Read more of this story at Slashdot.
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