Jio Platforms has confirmed funding from two more overseas investors, racking up a collective investment of $13.7 billion within two months.
Parent firm Reliance Industries has sold stakes to ten foreign-owned firms since the end of April and has attracted some of the biggest names in tech, with Facebook starting the streak by shelling out INR435.7 billion (US$5.7 billion) for a 9.99% stake.
The latest investors are TPG Capital, which is taking a 0.93% holding for INR45.5 billion ($598.7 million), and private equity firm L Catterton which is spending INR18.95 billion for a 0.39% stake.
In total, Reliance Industries has sold 22.39% of its digital unit, which is now valued at $68.3 billion. Counterpoint Research noted that the parent firm is aiming to sell a further 25% in Jio Platforms, which could generate a further $1.7 billion.
TPG Capital’s co-CEO Jim Coulter described Jio Platforms as “setting the tone for all technology companies to come” in India, stating: “we are excited to play an early role in Jio’s journey as it continues to transform and advance India’s digital economy.”
Michael Chu, global co-CEO of L Catterton, added that Jio was “uniquely positioned to execute on its vision and mission.”