Smile, TPG form $100 Mn JV to invest in e-commerce space

Diversified online firm Smile Group today said it has formed a USD 100 million (about Rs 603 crore) joint venture (JV) with private investment firm TPG Growth.
"The joint venture will partner with successful internet companies in the marketplace, classified listings, local commerce, digital media, e-commerce and mobile space and help rollout their businesses across Asia and other emerging markets," Smile Group said in a statement.
The firm, in the past, has successfully supported the international expansion of companies like AirBnb.Com, WPP Digital, Yahoo and others across Asia, Africa and Latin America through joint ventures and sweat equity partnerships, it added.

The group's partnership with TPG Growth. Which aims to build businesses across APAC (Asia Pacific) and MEA (Middle East and Africa) has been named Katalyzers, it said.
Katalyzers has set up offices in India, Singapore and San Francisco and has presence across China, Africa, Middle East and Latin America through partner offices of Smile & TPG.
"It will provide local Asian knowledge, experience of building businesses, in-house talent of entrepreneurs, media and technology professionals, partnerships with marketing and performance media companies like Tyroo, DGM & WPP and now in partnership with TPG, deep financial assets for co-investment opportunities," Smile Group Founder Harish Bahl said.

TPG Growth looks forward to supporting emerging technology companies in their endeavour to enter new overseas markets in partnership with Katalyzers, Keith Nilsson from TPG Growth said.