KKR's investment will translate into a 2.3% stake in Jio, which was launched as a mobile network operator in 2016, and has since come to dominate the market in India. The funding puts an enterprise value of $68.3 billion at the Mumbai-based company.
"Few companies have the potential to transform a country's digital ecosystem in the way that Jio Platforms is doing in India, and potentially worldwide," the investment firm's Co-Founder and Co-CEO Henry Kravis said in a statement.
Why It Matters
This is a fifth major investment by a United States-based company in Jio in a month.
Facebook Inc. (NASDAQ: FB) was the first to announce an investment of $5.7 billion in the company in late April in exchange for a nearly 10% stake.
Jio has been rapidly expanding into other digital sectors beyond telecom and internet service, including in the online news segment, and music and video on-demand streaming.
The company has partnered with Facebook subsidiary Whatsapp for its latest venture in e-commerce, as it looks to ruffle some feathers in a market dominated by Amazon.com Inc. (NASDAQ: AMZN) and Walmart Inc. subsidiary Flipkart in the country.
KKR shares closed 0.5% lower at $26.55 on Thursday.