Reliance Industries’ digital unit Jio Platforms raised a total of Rs 6441 crore ($847 million) from the sale of two stakes, the group said on Saturday.
Global investment firm TPG will buy a 0.93% stake for Rs 4,546.80 crore, while private equity firm L Catterton will pick up a 0.39% stake for Rs 1,894.50 crore, Reliance said.
The oil-to-retail-to-telecom conglomerate, has now sold 22.38 percent stake in Jio and collected Rs 104,326.65 crore from some of the world’s top technology investors, including Facebook, in the largest continuous fundraising by a company anywhere in the world.
"Jio is a disruptive industry leader that is empowering small businesses and consumers across India by providing them with critical, high-quality digital services," TPG co-CEO Jim Coulter said in a statement.
With more than $79 billion of assets under management, TPG is an investor in technology companies including Airbnb, Uber and Spotify.
L Catterton, which has a partnership with French luxury group LVMH and investment firm Groupe Arnault, concentrates on consumer-focused brands.
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, Reliance said.
These are Jio Platforms' ninth and tenth deals in seven weeks, following investments from Facebook Inc, General Atlantic, Silver Lake, Vista Equity Partners, KKR and Mubadala Investment Company and Abu Dhabi Investment Authority.
Jio Infocomm is India's biggest telecoms firm by subscribers, with more than 376 million users. It has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data.
The Jio Platforms deals, along with a $7 billion share sale, will help Reliance meet its target of paying off $21.4 billion of net debt by the end of the year, according to the company.