Two more investors, TPG Capital and L Catterton, have chipped in a collective total of $850 million in Jio Platforms taking the investment flow into the company to $13.7 billion in two months.
On a Saturday night in India, it was party time in Jio Platforms, the digital subsidiary of Reliance Industries helmed by India’s richest man Mukesh Ambani.
Two more big investors, TPG Capital and L Catterton, put in $600 million (Rs 4,546.80 crore) and $250 million (Rs.1894.50 crore) respectively in Jio Platforms.
This would mean Jio Platforms has now secured more than $13.7 billion by selling about 22.3% stake to nine investors Facebook, Silver Lake (1 and 2), KKR, Vista Equity Partners, General Atlantic, Mubadala, Abu Dhabi Investment Authority, TPG, and L Catterton in the past eight weeks.
The first investment of the night was from TPG Capital. Though it was speculated that might invest over a billion, it settled for $600 million (Rs 4,546.80 crore).
The investment will translate into a 0.93% equity stake in Jio Platforms on a fully diluted basis for TPG.
TPG is a leading global alternative asset firm founded in 1992 with more than $79 billion of assets under management across a wide range of asset classes, including private equity, growth equity, real estate and public equity. Its investments in global technology companies include Airbnb, Uber, and Spotify, among others.
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.
