The new entity, Katalyzers, formed in conjunction with Smile Group, will invest in internet and e-commerce companies' activities in emerging economies.

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…