Reliance Jio has announced that TPG, a global alternative asset
firm, will invest Rs. 4546.80 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. Jio also said that L Catterton, one of the world’s largest consumer focused private equity firms will invest Rs. 1,894.50 crore in Jio Platforms, for 0.39% equity stake s on a fully diluted basis.
With this investment, Jio Platforms has raised Rs. 104,326.95 crore from leading global investors including Facebook (Rs. 43,574 crore), Silver Lake (Rs. 10,202.55), Vista Equity Partners (Rs. 11,367 crore), General Atlantic (Rs. 6,598.38 core), KKR (Rs. 11,367 crore), Mubadala (Rs. 9093.60 crore), ADIA (Rs. 5683.50), TPG and L Catterton since April 22, 2020.
These transactions are subject to regulatory and other customary approvals.
Regarding the invetments, 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.
I am delighted to welcome L Catterton as a partner in our journey to unleash the power of digital for India while providing a consumer experience that is among the best in the world. I particularly look forward to gaining from L Catterton’s invaluable experience in creating consumer-centric businesses because technology and consumer experience need to work together to propel India to achieving digital leadership.
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.
Michael Chu, Global Co-CEO of L Catterton, said:
Over our more than 30 year history, we have established a track record of building many of the most important brands across all consumer categories and geographies, from retailers, omni-channel and digitally native brands. We are strong supporters of fostering growth through product development, enhanced digital capabilities and strategic alliances. 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.