Global investment firm TPG has become the 9th deal for the Reliance Industries technology arm in seven weeks with an investment of Rs 4547 crore for a 0.93% stake.
TPG owns stakes in companies like Airbnb, Uber, and Spotify and has $120 billion of assets in its tow.
Jio Platforms has raised Rs 104,432.15 crore from leading technology investors including Facebook, Silver Lake Partners (two branches), Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA.
TPG is making investments through its TPG Capital Asia, TPG Growth, and TPG Tech Adjacencies (TTAD) funds.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries welcomed the investment firm as an investor to work towards digitally empowering the lives of the Indians by creating a digital ecosystem. He said, We have been impressed by TPGs 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.
Co-CEO TPG, Jim Coulter, 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.
He also said that the firm is excited to partner with Reliance to invest in Jio and are excited to play an early role in Jios journey in transforming and advancing Indias digital economy.
Facebook was the first to make an investment of Rs 43,574 crore for a 9.99% stake. Many other private equity firms followed the suit and invested in Jio Platforms.
