New York-based private equity firm General Atlantic is investing $871 million in Indian behemoth Reliance Industries Ltd.'s digital arm Jio Platforms, the latter announced Sunday.
The funding values Jio at around $68.3 billion and gives General Atlantic about 1.34% stake in India's largest mobile network operator.
This is the fourth major investment by a United States-based company in Jio in less than four weeks.
Launched in 2016 by Asia's second-richest man Mukesh Ambani, Jio has come to dominate the digital services market in India.
The company's latest plan is to enter the e-commerce sector in the country, in partnership with Facebook subsidiary WhatsApp, a move that is likely to trouble market leaders Amazon.com Inc. (NASDAQ: AMZN) and Walmart Inc. (NYSE: WMT) subsidiary Flipkart.