TPG Growth to invest $100M in joint venture with Smile Group to help businesses expand to India and Africa
American investment firm TPG Growth has committed a $100 million investment in a joint venture with Smile Group. The two entities are on a mission to help Internet and e-commerce firms tap into the Indian, African, and other emerging markets, according to TechCrunch.
Smile Group founder Harish Bahl said: "We will bring together on one 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 and now in partnership with TPG, deep financial assets for co-investment opportunities."
Under the terms of the deal, TPG and Smile will use their joint venture called Katalyzers to build Internet firms. The venture will then help launch those businesses across emerging markets in the world, the report added.
Katalyzers will first select the businesses that TPG and Smile will co-invest in. The joint venture will also take some equity and provide the companies with support to help them generate revenue. Smile has also partnered with AirBnB and Yahoo! to do a similar project, TechCrunch reported.
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