In recent months, the Indian telecom upstart has attracted a slew of significant investments from corporates, VCs and private equity firms. The list keeps growing.
TPG Capital has agreed to pay 45.5 billion rupees (around $600 million) for a 0.93% stake in Jio, while L Catterton has agreed to invest 18.9 billion rupees in the company for a 0.39% stake. Both new investments value Jio at $65 billion. KKR, General Atlantic, Silver Lake, Facebook and Vista Equity Partners are some of the other major names that have backed Jio during the second quarter of 2020. With more than 388 million subscribers, Jio Platforms – part of Reliance Industries – has committed to further investments across its digital ecosystem, and Mukesh Ambani, chairman and MD of Reliance Industries, has stated his intentions to leverage the new partnerships to assist India’s digital transformation. Ambani 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.”