US private equity firm General Atlantic is investing 65.98 billion rupees or roughly around $870 million into Reliance Industries' Jio Platform. The investment is the fourth deal inked by the Indian company, pushing its total acquired funds from investments to over $8 billion in less than a month.

The investment made by the New York-based equity firm will earn it a 1.34 percent stake in Jio Platforms, India's fourth-largest company by market capitalization. Through its stake, General Atlantic will be able to tap into Reliance Industries' rapidly growing network that spans digital services such as online video streaming, telecommunications, and music streaming.

Reliance Industries mentioned in a statement that the new investment will push Jio Platform's equity value to about 4.91 trillion rupees, which will give it an enterprise value of around 5.91 trillion. The investment made by General Atlantic comes just weeks after social media giant Facebook closed a massive $5.7 billion deal with Reliance to acquire a 9.99 percent stake in Jio Platforms.

Around the same time, Reliance also managed to ink a deal with California-based private equity firm Silver Lake, which injected $750 million in new capital in Jio Platforms. The transactions made by Reliance are part of its wider goal of reducing its debts this year. The Indian conglomerate, controlled by billionaire tycoon Mukesh Ambani, is aiming to erase at least $21.4 billion in debts from its ledger by the end of the year.

On Sunday, Ambani mentioned that he was excited to have General Atlantic as his company's partner. He added that the US firm's expertise and global experience of more than 40 years should prove beneficial to Jio Platform's continued growth.

Apart from securing investments from private equity firms and other interested parties, Reliance Industries has announced plans of listing new shares worth around $7 billion. The company has yet to announce the exact details of its proposed share sale.

The Mumbai-based firm noted in a statement that the latest investment only serves to underscore the growing confidence of investors in its rapidly growing digital business. Over the past four years, Ambani, the company's founder and chief executive, has aggressively worked to diversify his family's empire away from its core petrochemical and refining business.

Today, the company engages in various businesses that include retail, telecommunications, sports, digital payments, e-commerce, media, and entertainment. Ambani, currently Asia's richest man, established Jio Telecoms in 2016 as part of his wider strategy to diversify his family's company.