TPG, L Catterton to invest ₹6441 crore in Jio Platforms

Jio Platforms

Mumbai: TPG and L Catterton, two major global investment firms will invest ₹6441.30 crore in Jio Platforms, Reliance Industries said in a statement on Saturday.

TPG, a global alternative asset invest firm will invest ₹4,546.80 crore and L Catterton, a major consumer focused private equity firm will invest ₹1894.50 crore in Jio Platforms.

This makes a combined investment of ₹6441.30 crore in Jio Platorms.

Equity value of TPG’s investment is ₹4.91 lakh crore and an enterprise value is ₹5.16 lakh crore, which will translate into a 0.93% equity stake in Jio Platforms on a fully diluted basis for TPG.

L Catterton’s investment will translate into a 0.39% equity stake in Jio Platforms on a fully diluted basis.

Since April 22 this year, Jio Platforms has raised a total of ₹104,326.95 crore from top technology investors namely Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton.

Jio Platforms, a wholly-owned subsidiary of Reliance Industries, offering affordable digital services across India and has over than 388 million subscribers.

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.

“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,” said Mukesh Ambani, Chairman and MD – Reliance Industries.

“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,” said Jim Coulter, Co-CEO – TPG.

TPG is making the investment from its TPG Capital Asia, TPG Growth, and TPG Tech Adjacencies (TTAD) funds. The transaction is subject to customary conditions precedent.

“We look forward to partnering with Jio,which is uniquely positioned to execute on its vision and mission to transform the country and build a digital society for 1.3 billion Indians through its unmatched digital and technological capabilities,” said Michael Chu, Global Co-CEO, L Catterton.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels. Shardul Amarchand Mangaldas & Co. acted as legal counsel for TPG.

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