Reliance Jio has announced yet another investment, this time by global alternative asset firm TPG, marking the ninth investment from a sovereign wealth fund in Jio Platforms. TPG will have a 0.93 percent equity stake for Rs 4,546.80 crore at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. With the investment, Jio Platforms has raised a total of Rs 102,432.45 crore in a brief span of time, underlining its position in India as a pioneer of cutting edge technology, and a headlining act in India’s digital transformation saga. In brief succession, Jio Platforms has seen unprecedented foreign investment in its endeavours, after back to back investments from Abu Dhabi-based Mubadala Investment Company, and a returning investment from American equity firm, Silver Lake.
Commenting on the investment, Mukesh Ambani, chairman and managing director of Reliance Industries Ltd, 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.”
Jim Coulter, Co-CEO TPG, said, “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. 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.
TPG is said to be a leading 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. Over TPG’s more than 25-year history, the firm has built an ecosystem made up of hundreds of portfolio companies and a value-added network of professionals, executives, and advisors around the world. Its investments in global technology companies include Airbnb, Uber, and Spotify, among others. TPG is making the investment from its TPG Capital Asia, TPG Growth, and TPG Tech Adjacencies (TTAD) funds.
As of now, investors in Reliance Jio Platforms Ltd include Facebook, Silver Lake, Vista Partners, KKR, General Atlantic, Mubadala, Abu Dhabi Investment Authority and now TPG. Facebook, the world’s largest social media corporation, picked up a 9.99 percent stake in Reliance Jio for Rs 43,574 crore. Following Facebook is Silver Lake, which now has a 2.08 percent stake in Jio Platforms in exchange of an investment of Rs 10,203 crore. The third entity to invest in Jio Platforms was Vista Equity Partners, which invested Rs 11,367 crore for a 2.32 percent stake in the company. General Atlantic then followed up with an investment of Rs 6,598.38 crore for a 1.34 percent stake. Investment firm KKR also followed up with a Rs 11,367 crore investment for a 2.32 percent stake in the company. Abu Dhabi-based Mubadala has invested Rs 9,093.60 crore for a 1.85 percent stake in Jio Platforms as well. Abu Dhabi Investment Authority (ADIA) had picked up a 1.16 percent stake in Reliance Jio Platforms Ltd last week for Rs 5,683.50 crore.
Disclaimer:News18.com is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited that also owns Reliance Jio.