Reliance Industries and Jio Platforms, a digital services platform, has announced an investment of Rs 1,894.50 crore by L Catterton.
The investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value ofs 5.16 lakh crore.
L Catterton’s investment will translate into 0.39 percent equity stake in Jio Platforms on a fully diluted basis.
With this investment, Jio Platforms has raised Rs 1,04,326.95 crore from global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton since 22 April 2020.
Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers.
The company has made investments across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain.
The transaction is subject to regulatory and other customary approvals.
Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels