TPG+L Catterton commits to the digital economy
Reliance Industries Limited (RIL) has won two more hefty investors as early partners in Jio Platforms Limited’s journey to transform and advance India’s digital economy.
TPG, a leading global alternative asset firm founded in 1992 with more than US$79 billion of assets under, will invest Rs.4,546.80 crore.
Joining Jio next is L Catterton, one of the world’s largest consumer-focused private equity firms, will add Rs.1,894.50 crore, RIL said on 13 June 2020.
With these investments, Jio Platforms has raised Rs.104,326.95 crore from leading global technology investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, and TPG since 22 April 2020.
Jim Coulter, Co-CEO TPG, said, “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.”
Michael Chu, Global Co-CEO of L Catterton, said, “We look forward to partnering with Jio, which is uniquely positioned to execute on its vision and mission to transform the country and build a digital society for 1.3 billion Indians through its unmatched digital and technological capabilities.”
Catterton has established a track record of building many of the most important brands across all consumer categories and geographies, from retailers, omnichannel and digitally native brands for more than 30 years.
“We are strong supporters of fostering growth through product development, enhanced digital capabilities and strategic alliances,” said Chu.
RIL Chairman and Managing Director Mukesh Ambani described TPG as a valued investor in Jio’s 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 that serve hundreds of millions of consumers and small businesses, making the societies we live in better.”
L Catterton is among the best in the world as a Jio partner to unleash the power of digital for India, Ambani added.
“I particularly look forward to gaining from L Catterton’s invaluable experience in creating consumer-centric businesses because technology and consumer experience needed to work together to propel India to achieving digital leadership.”
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.
Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 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. fiinews.com
