Mukesh Ambani To Acquire Stakes In Josh Kushner's Thrive Capital

Updated on: 26 January 2023 12:18 am

Force IX will offer more than 70 options across a trendy range of t-shirts, sweatshirts and caps on Myntra, targeted towards the thriving base of streetwear and casual wear consumers

Myntra Launches Akshay Kumar’s Fashion Brand Force IX Photo: Force IX will offer more than 70 options across a trendy range of t-shirts, sweatshirts and caps on Myntra, targeted towards the thriving base of streetwear and casual wear consumers

The US-based venture capital firm Thrive Capital will receive a $175 million investment from a bunch of billionaires like Mukesh Ambani, Jorge Paulo Lemann, Xavier Niel, Henry Kravis and Robert Iger in exchange for a minor 3.3 per cent shareholding.

The deal is expected to value the company at $5.3 billion from $3.6 billion, which it earned in 2021 after selling a stake to a unit of Goldman Sachs.

According to a statement made by a spokesperson, the company’s total assets under management reached $15 billion last year.

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“These extraordinary operators have built storied institutions, achieved geographic preeminence, ushered beloved brands to even greater heights, and pioneered entirely new industries," the company said in a statement.

“A lot of these folks have been involved in my life for quite a bit of time and now they actually have a vested stake in the firm’s success.” Josh Kushner, the founder and CEO of the company said in a statement.

Founded in 2009, Thrive has invested in firms like Oscar Health Inc., Compass Inc., Affirm Holdings Inc., Opendoor Inc., Unity Software Inc., Him & Hers Health Inc. and SKIMS.

With a net worth of $84.7 billion, Mukesh Ambani is the 12th richest billionaire in the world. Lemann has a net worth of $21.1 billion and is the richest individual in Brazil.