TPG, Smile Group in $100-m venture

Mumbai: Private equity firm TPG Growth and India’s Smile Group will jointly invest $100 million (around Rs. 600 crore) to help Internet and e-commerce companies build and scale their businesses across the Asia Pacific region and West Asia.

The San Francisco-based $60-billion fund and Smile Group will invest the amount through their joint venture fund Katalyzers, which will work with Internet companies in the marketplace.

Smile Group, in the past, had successfully supported the international expansion of companies such as AirBnb.com, WPP Digital, Yahoo and others across Asia, Africa and Latin America through joint ventures and sweat equity partnerships.

Harish Bahl, Founder, Smile Group, said: “We will bring together, on a common platform, local Asian knowledge, experience of building businesses, in-house talent of entrepreneurs, media and technology professionals, partnerships with marketing and performance media companies.

“In partnership with TPG, we have deep financial assets for co-investment opportunities.”

TPG Growth that has investments in North America, China, India, Vietnam, Europe, Brazil, and Australia looks at this partnership as an opportunity to enter emerging markets.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.