TPG Growth, the early-stage investment platform for asset manager TPG, has invested about $100m in a joint venture with India-based venture investor Smile Group that will help internet companies scale their businesses in emerging markets, TechCrunch has reported.
The JV, Katalyzers, will target startups operating in subsectors including classified listings, local commerce, digital media, e-commerce and mobile apps.
Smile has already assisted companies including AirBnB, WPP and Yahoo in their international expansion and will use this expertise to assist businesses while investing in their emerging markets activities, some of which may be done through the formation of local subsidiaries or joint ventures.
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.”