tech

Jio Platforms raise 4,586.80 crore from TPG

This is the ninth investment in Jio Platforms with the total funding crossing 1 lakh crore. 

Commuters are reflected on an advertisement of Reliance Industries' Jio telecoms unit, at a bus stop in Mumbai, India, February 21, 2017. REUTERS/Shailesh Andrade/Files
Commuters are reflected on an advertisement of Reliance Industries' Jio telecoms unit, at a bus stop in Mumbai, India, February 21, 2017. REUTERS/Shailesh Andrade/Files (REUTERS)

Reliance Industries Limited’s Jio Platforms just announced a new investment of 4,586.80 crore from TPG. This brings the total funding in Jio Platforms to 102,432.45 crore. Jio has so far received fundings from Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, and ADIA.

TPG’s investment in Jio Platforms is set at an equity value of 4.91 lakh crore and an enterprise value of 5.16 lakh crore. It translates into a 0.93% equity stake in Jio Platforms for TPG. A global alternative asset firm founded in 1992, TPG has over $79 billion of assets in private equity, growth equity, real estate and public equity. TPG has investments in global tech companies like Airbnb, Uber and Spotify.

“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,” Mukesh Ambani said in a statement.

Total number of investments in Jio Platforms.
Total number of investments in Jio Platforms. (Reliance Jio)

With the latest investment, Jio Platforms has crossed 1 lakh crore in funding. Jio Platforms just last week announced a 5.683.50 crore from Abu Dhabi Investment Authority.