TPG and L Catterton have revealed that it will be investing in Reliance Industries digital arm, Jio Platforms. They will invest Rs 6,441.3 crore in Jio Platforms.
Reliance Jio has announced that Global investment firm TPG will buy a 0.93 percent stake for Rs 4,546.80 crores, while private equity firm L Catterton will pick up a 0.39 percent stake for Rs 1,894.50 crores. TPG will invest Rs 4,546.80 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. TPG’s investment will translate into a 0.93% equity stake in Jio Platforms on a fully diluted basis.
With this investment, Jio Platforms has raised Rs 104,326.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton since April 22, 2020.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “Today, I am happy to welcome TPG as valued investors in our continued efforts towards digitally empowering the lives of Indians through the creation of a digital ecosystem. We have been impressed by TPG’s track record of investing in global technology businesses which serve hundreds of millions of consumers and small businesses, making the societies we live in better.”
Jim Coulter, Co-CEO TPG, said, “We are excited to partner Reliance to invest in Jio. As an investor in growth, change, and innovation for over 25 years – and with a longstanding presence in India — we are excited to play an early role in Jio’s journey as they continue to transform and advance India’s digital economy. Jio is a disruptive industry leader that is empowering small businesses and consumers across India by providing them with critical, high-quality digital services. The company is bringing unmatched potential and execution capabilities to the market, setting the tone for all technology companies to come.”
Previously, Abu Dhabi Investment Authority (ADIA) revealed that it will be investing Rs 5,683.50 crore in Jio Platforms. Au Dhabi state fund Mubadala Investment Company also announced that it will invest in Jio Platforms. The investment company is said to invest Rs 9,093.65 crores in the Jio Platforms.
Facebook acquired a 9.9 per cent stake in Jio Platforms for Rs 43,574 crore. Silver Lake Partners invested in the company for Rs 5,655 crore at an equity value of Rs 4.90 lakh crore and an enterprise value of Rs 5.15 lakh crore.
General Atlantic, a leading growth equity firm, invested Rs 6,598.38 crore in Jio Platforms for 1.34 per cent stakes. US-based Vista Equity Partners Ltd has announced an investment of Rs 11,367 crore in Reliance Jio Platforms. KKR said that it will invest Rs 11,367 crore in Jio Platforms.