TPG picks 0.93% stake in Jio platforms for Rs 4,546.80 crore; Reliance unit's total fundraising reaches 1.02 lakh crore
Global alternative asset firm TPG has bought 0.93 percent stake in Reliance's digital arm Jio Platforms for Rs 4,546.80 crore
Global alternative asset firm TPG has bought 0.93 percent stake in Jio Platforms for Rs 4,546.80 crore.
With this, Jio Paltofrms, a wholly-owned subsidiary of Reliance Industries, has raised Rs 1.02 lakh crore from global technology investors, the company said in a statement.
TPG is making the investment from its TPG Capital Asia, TPG Growth, and TPG Tech Adjacencies (TTAD) funds. Its past investments in global technology companies include Airbnb, Uber, and Spotify, among others.
Since April, Jio Platforms has attracted investments from leading global technology investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala and ADIA and have invested on Jio Platforms.
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,”
Jio Platforms is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with nearly 400 million subscribers.
Jio Platforms has made significant investments across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain.
“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," said Jim Coulter, co-CEO of TPG.
Coulter added that 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 added.
TPG is a global alternative asset firm founded in 1992 with more than $79 billion of assets under management across a wide range of asset classes, including private equity, growth equity, real estate and public equity.
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Barreto is currently working with the youth development programme at the Reliance Foundation.
The company had posted a net profit of Rs 10,104 crore in the corresponding quarter last year
With a net worth of $77.3 billion, Mukesh Ambani is also the only Asian to feature in the top 10 in Forbes' Real Time Billionaires List, placed after Mark Zuckerberg