American private equity firm TPG will invest $600 million in Jio Platforms, joining a roster of high-profile investors including Facebook and Silver Lake that have backed India’s top telecom operator at the height of a global pandemic.
TPG said it is acquiring a 0.93% stake in Jio Platforms, giving the Indian firm a valuation of $65 billion. TPG, which manages $79 billion of assets, is the eighth investor who has agreed to back Mukesh Ambani’s telecom network in just as many weeks.
Reliance Jio Platforms, which has amassed over 388 million subscribers, has secured $13.49 billion by selling nearly 22% stake in the company.
TPG, which is also an investor in Uber, Spotify and Airbnb, said it is impressed by what the three-and-a-half-year-old subsidiary of India’s most valued firm (Reliance Industries) has achieved in the country. Mukesh Ambani, India’s richest man, shared a similar complement for TPG’s track record.
Jim Coulter, co-chief executive of TPG said, the company is “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.”
More to follow…
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