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Second deal in a day for Jio Platforms: L Catterton to invest Rs 1894.5 cr

In its second major deal announcement on Saturday, Mukesh Ambani, promoted Reliance Industries Ltd (RIL), said consumer-focused private equity firm L Catterton was making an investment of Rs 1,894.50 crore in its digital services arm Jio Platforms at an equity value of Rs 4.91 trillion and an enterprise value of Rs 5.16 trillion L Catterton's investment will translate into a 0.39 percent share in Jio Platforms on a fully diluted basis.

Earlier in the day, RIL announced the sale of a 0.93 percent stake in Jio Platforms to the global alternative asset company TPG on a completely diluted basis for Rs. 4,546.8 crore. That deal values Jio platforms with a capital value at an equity value of Rs 4.91 trillion and an enterprise value of Rs 5.16 trillion.

L Catterton Jio Deal

With the announcement of the two investments on Saturday, Jio Platforms raised a total of Rs 104,326.95 crore in 10 deals with major global investors: Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, and L Catterton – since April 22.

Jio Platforms, which currently has more than 388 million subscribers across India, has made significant investments in its digital ecosystem of technologies that include broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain.

RIL said in a press statement that L Catterton, founded in 1989, has a 30-year track record of leveraging its operational expertise, deep sector insights, and the global network of resources. “With its unique partnership with LVMH and Groupe Arnault, L Catterton has successfully invested and helped build some of the most innovative brands at the forefront of the evolving consumer landscape, including Peloton, Vroom, ClassPass, Owndays, FabIndia, and more,” it added.

“I am delighted to welcome L Catterton as a partner in our journey to unleash the digital power of India while providing the consumer experience that is among the best in the world,” said RIL Chairman and Managing Director Mukesh Ambani. particularly look forward to gaining from L Catterton’s invaluable experience in creating consumer-centric businesses because technology and consumer experience need to work together to propel India to achieving digital leadership. "

"We look forward to partnering with Jio, which is uniquely positioned to execute on its vision and mission to transform the country and build a digital community of 1.3 billion Indians its unmatched digital and technological capabilities," said Michael Chu, global co-CEO of L Catterton.

Source: Business Standards

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