Reliance Retail raises Rs 3,675 crore for 0.84% stake from General Atlantic

Reliance Retail Ventures Limited (RRVL) has raised Rs 3,675 crore from General Atlantic for 0.84% equity stake. The investment values Reliance Retail at an equity value of Rs 4.28 lakh crore.

Reliance Retail Ventures Limited (RRVL) has raised Rs 3,675 crore from General Atlantic for 0.84% equity stake. The investment values Reliance Retail at an equity value of Rs 4.28 lakh crore.

General Atlantic has previously invested Rs 6,598.38 crore in Reliance Jio Infocomm.

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Mukesh Ambani, Reliance Industries said, “I am pleased to extend our relationship with General Atlantic as we work towards empowering both merchants and consumers alike, and ultimately transforming Indian Retail. Like Reliance Retail, General Atlantic believes in the fundamental ability of digital enablement to drive progress, growth, and inclusion across India and the world. We look forward to leveraging General Atlantic’s extensive expertise at the intersection of technology and consumer businesses, and two decades of experience investing in India, as we create a disruptive New Commerce platform to redefine retail in the country.

Bill Ford, General Atlantic said, “General Atlantic is thrilled to be backing Mukesh’s New Commerce mission to drive substantial positive change in the country’s retail sector, which goes hand-in-hand with his vision to enable a Digital India through the work of Jio Platforms. General Atlantic shares Reliance Industries foundational belief in the power of technology to foster transformative growth, and we are excited by the immense potential of the full Reliance ecosystem. We are honored to again be partnering with the Reliance team to meaningfully accelerate India’s position in the global digital economy.”

Reliance Retail has already raised investment from KKR Co. and Silver Lake. It is in advanced talks with Mubadala Investment for $1 billion stake.