TPG, L Catterton Invest Over Rs 6,400 Crore in Jio as Total Fundraising Races Past Rs 1 Lakh Crore

Reliance Industries' digital unit Jio Platforms raised a total of Rs 6,441 crore ($ 847 million) from the sale of two stakes, the group said on Saturday.

Global investment firm TPG will buy a 0.93% stake for Rs 4,546.80 crore, while private equity firm L Catterton will obtain a 0.39% stake for Rs 1,894.50 crore, he said Reliance.

The oil conglomerate to telecommunications retailer has now sold a 22.38 percent stake in Jio and has raised Rs 104,326.65 crore from some of the world's leading technology investors, including Facebook, in the largest continuous collection of funds by a company anywhere in the world.

"Jio is a disruptive industry leader who is empowering small businesses and consumers across India by providing them with high-quality, critical digital services," TPG Co-CEO Jim Coulter said in a statement.

With more than $ 79 billion of assets under management, TPG is an investor in technology companies including Airbnb, Uber and Spotify.

L Catterton, which has a partnership with French luxury group LVMH and investment firm Groupe Arnault, focuses on consumer-focused brands.

Investments in Jio Platforms, which comprises Reliance's telecom arm Jio Infocomm and its music and video streaming applications, give the unit a business value of $ 67.87 billion, Reliance said.

These are Jio Platforms' ninth and tenth deals in seven weeks, following investments from Facebook Inc, General Atlantic, Silver Lake, Vista Equity Partners, KKR and Mubadala Investment Company and Abu Dhabi Investment Authority.

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