TPG, L Catterton invest $847mn in Jio Platforms

With these investments, Jio Platforms has raised $13.9 billion from nine investors in just under two months.

Reliance Industries raised a total $847 million from the sale of two stakes in its digital arm Jio Platforms. Global investment firm TPG will pick up a 0.93 per cent stake for $598 million, while private equity firm L Catterton will buy a 0.39 per cent stake for $249 million, the company group said. With these investments, Jio Platforms has raised $13.9 billion from nine investors in just under two months.

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.”

The investments in Jio Platforms, which comprises Reliance′s telecoms arm Jio Infocomm and its music and video streaming apps, give the unit an enterprise value of $67.87 billion.