Reliance Industries Chairman, Mukesh Ambani. Photo credit: World Economic Forum / Valeriano Di Domenico, under Creative Commons license

US-based private equity firm KKR has announced that it’s reached a deal to invest about 115 billion Indian Rupees ($1.5 billion) in Reliance Jio, an Indian telecom outfit led by famed businessman Mukesh Ambani. KKR’s newly announced investment comes on the heels of another private equity firm, General Atlantic, having reached a deal to invest $870 million in Reliance Jio. Over the past few weeks, US-based companies including Facebook, Silver Lake Partners, and Vista Equity Partners have also reached respective deals to invest sizeable amounts in Reliance Jio. Altogether, including KKR’s deal, Reliance Jio has secured some $10.3 billion in funding over the past four weeks, with more than half of that ($5.7 billion to be precise) coming from Facebook.

Reliance Jio is the telecom outfit of famed Indian conglomerate Reliance Industries. The telecom outfit debuted in 2016 and has captured nearly 400 million users in a relatively short span. Investors are apparently betting on Jio’s reach in India’s huge consumer market and its potential to further disrupt other markets such as payments and retail in the country.

KKR’s investment values Reliance Jio at $65 billion. According to Reliance’s Mukesh Ambani, the funding recently raised from a host of investors will help reduce Jio’s significant debt load and fund its operations.