Speaking of Reliance Jio Platforms, the top Indian telecom operator said Saturday it has secured another investment. L Catterton, a U.S. private equity firm will invest $250 million in Jio Platforms, becoming the ninth investor to back the Indian firm at the height of a global pandemic.
L Catterton, which has invested in a number of firms including Peloton, Vroom, ClassPass, Owndays and PVR Cinemas, said it will acquire a 0.39% stake in Jio Platforms, valuing the Indian firm at $65 billion. The announcement, which makes L Catterton the ninth investor to back Jio in eight weeks, comes hours after the three-and-half-year-old telecom network said it was selling stake worth $600 million to TPG.
“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 society for 1.3 billion Indians through its unmatched digital and technological capabilities,” said Michael Chu, co-chief executive of L Catterton, in a statement.
Investors’ bullishness on Jio Platforms, which has amassed over 388 million subscribers, shows their growing interest in India’s telecom market. Media reports have claimed in recent weeks that Amazon is considering buying stakes worth at least $2 billion in Bharti Airtel, India’s third largest telecom operator, while Google has held talks for a similar deal in Vodafone Idea, the second largest telecom operator.
More to follow…