TPG And L Catterton To Invest Rs. 6,441 Crore In Reliance Jio Platforms

| Updated: Monday, June 15, 2020, 10:17 [IST]

Reliance Industries has announced that TPG is buying its 0.93 percent equity stake in Jio Platforms. The US-based investment company is planning to inject Rs. 4,546.80 crore in Jio platforms. TPG has now become the ninth company that has invested in the Jio platform.

TPG And L Catterton To Invest Rs. 6,441 Crore In Reliance Jio Platform

"The investment will translate into a 0.93 percent equity stake in Jio Platforms on a fully diluted basis for TPG. With this investment, Jio Platforms has raised Rs. 102,432.45 crore from leading global technology investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, and TPG since April 22, 2020."

The development comes after six days ADIA has announced its plans to buy 1.16 percent for Rs 5,683.5 crore. For the unaware, TPG has also invested in many companies, such as Airbnb, Uber, Spotify, and many more. This time TPG is making investing via its TPG Capital Asia, TPG Growth, and TPG Tech Adjacencies (TTAD) funds.

Jim Coulter, Co-CEO TPG, said, "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."

L Catterton To Buy Rs 1,894.50 Crore Stake In Jio Platforms

Meanwhile, Reliance Jio has announced its tenth investor on Saturday. The telecom operator has shared that another US-based firm L Catterton has bought its 0.39 percent stake for Rs. 1,894.50 crore. However, these transactions will go through all regulatory approvals.

"This investment values Jio Platforms at an equity value of Rs. 4.91 lakh crore and an enterprise value of Rs. 5.16 lakh crore. 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," Reliance Jio said.