Reliance Industries Limited and Jio Platforms Limited have announced an investment of Rs 18.94 billion from L Catterton, one of the world’s largest consumer focused private equity (PE) firms. L Catterton’s investment will translate into a 0.39 per cent equity stake in Jio Platforms on a fully diluted basis.

The investment comes a day after TPG announced that it will invest Rs 45.46 billion in Jio Platforms for a 0.93 per cent equity stake in the latter on a fully diluted basis.

These investments value Jio Platforms at an equity value of Rs 4.91 trillion and an enterprise value of Rs 5.16 trillion.

Starting April 22, 2020, Jio Platforms has raised a total of Rs 1.04 trillion from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton.