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Jio confirms eighth investor as TPG takes 0.93% stake

Money funding investment.jpeg

TPG has become Jio Platforms’ eighth investor, taking a 0.93% stake in the company for $600 million.

The investment takes the total raised by Jio Platforms since March to just under US$13 billion with 21.41% of the company now held by investors.

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.”

Previously known as the Texas Pacific Group, TPG is a global investment firm with interests in consumer and retail, natural resources and energy, telecoms, technology and real estate, among other areas.

The funds for the Jio transaction will come from TPG Capital Asia, TPG Growth, and TPG Tech Adjacencies (TTAD).

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,” he added.

Previous deals

The deal is just the latest investment in Jio Platforms after Facebook started the ball rolling in April, taking a 9.99% stake for US$5.7 billion.

It was followed by Silverlake (1.5% for $746.8 million), Vista (2.32% for $1.5 billion), General Atlantic (1.34% for $870 million) and KKR (2.32% for $1.5 billion).

After a brief hiatus, two deals were announced from the UAE in a single weekend, as major sovereign wealth funds Mubadala and the Abu Dhabi Investment Authority (ADIA) invested $1.2 billion and $750 million, respectively. Their stakes equate to 1.16% and 1.85%.

 

Investor

Stake

US dollar value of investment at time of confirmation

Facebook

9.99%

$5.7 billion

Silver Lake

1.5%

$746.8 million

Vista

2.32%

$1.5 billion

General Atlantic

1.34%

$870 million

KKR (Asia division)

2.32%

$1.5 billion

Abu Dhabi Investment Authority

1.16%

$750 million

Mubadala

1.85%

$1.2 billion

 

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