L Catterton picks 0.39% stake in Jio Platforms for ₹1,894 crore

Rajesh Kurup | | Updated on: Jun 14, 2020

Jio Platforms Limited has received an investment of ₹1,894.50 crore from L Catterton, a consumer focused private equity firms. This is the tenth fund raising by Jio Platform since April. L Catterton’s investment will translate into a 0.39 per cent equity stake in Jio Platforms

This investment values Jio Platforms at an equity value of ₹4.91 lakh crore and an enterprise value of ₹5.16 lakh crore. With this investment, Jio Platforms has raised ₹104,326.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton since April 22.

Founded in 1989, L Catterton has successfully invested in 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.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I am delighted to welcome L Catterton as a partner in our journey to unleash the power of digital for India while providing a consumer experience that is among the best in the world. I 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.”

Michael Chu, Global Co-CEO of L Catterton, said, “Over our more than 30 year history, we have established a track record of building many of the most important brands across all consumer categories and geographies, from retailers, omni-channel and digitally native brands. We are strong supporters of fostering growth through product development, enhanced digital capabilities and strategic alliances.”

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.

With plans to raise funds totalling ₹1.62-lakh crore by December, RIL will emerge net-debt free by the end of this calendar year, much ahead of its own earlier estimates of debt-free by March 2021.

READ THE STORY: Reliance Industries to be debt-free by year-end

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Published on June 13, 2020
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