Reliance Jio

Reliance Jio on its spree of raising funds has backed its 9th and 10th deal in a day from merican global alternative asset firm TPG and private equity firm L Catterton. TPG will be investing Rs 4,546.80 crore in Jio for 0.93% stake and L Catterton has declared to buy 0.39% stake for Rs 1894.5 crore.

The two deals are made at a similar valuation to the other recent private equity investments in Jio. Equity valuation stood at Rs 4.91 lakh crore while its enterprise valuation neared Rs 5.16 lakh crore.

“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,” Reliance Jio Chairman and Managing Director said post the deal was announced.

L Catterton has been an active investor in Indian startup ecosystem and has helped build some of the most successful and innovative brands such as Peloton, Vroom, ClassPass, Owndays, and FabIndia.

With the latest development, total amount raised by Reliance Jio in less than three months comes to 1.04 lakh crore from 10 big investors from across the globe for exchange of 22.38% total stakes.

The first one to join this long list of investors was Facebook as it acquired 9.9% stakes for Rs 43,574 crore. The list got longer with each passing week as investors like Vista Equity, General Atlantic, KKR, Silver Lake, Mubadala, and Abu Dhabi Investment Authority kept on participating in this fundraising round. Reliance aims to use this fund to pay of its debts which amounts to Rs 1450 crore in FY19.


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