TPG Capital is buying 0.93% equity for Rs 4,547 crore and private equity firm L Catterton is picking up a 0.39% stake for Rs 1894.50 crore.

Jio Platforms bags 2 more investments total fundraising now at Rs 104 lakh crorePicxy
Atom Investment Sunday, June 14, 2020 - 13:33

Jio Platforms crossed Rs 1 lakh crore in the largest continuous funds raised by a company anywhere in the world with an unprecedented ten investments in seven weeks with TPG Capital buying 0.93% equity for Rs 4,547 crore and private equity firm L Catterton picking up a 0.39% stake for Rs 1894.50 crore.

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 1.04 lakh crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton since April 22.

At Rs 1.04 lakh crore, it is the largest continuous funds raise by a company anywhere in the world. It assumes significance as this was done amidst a global lockdown.

TPG is a alternative asset firm with more than $79 billion of assets under management including in private equity, growth equity, real estate and public equity. TPG is making the investment from its TPG Capital Asia, TPG Growth, and TPG Tech Adjacencies (TTAD) funds.

L Catterton is a private equity firm and has previously invested in brands such as Peloton, Vroom, ClassPass, Owndays, FabIndia, and more.

For TPG, Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said that they 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."

For L Catterton, Ambani said, “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, “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, "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."

With IANS inputs