Reliance Industries and its subsidiary Reliance Retail Ventures Ltd (RRVL) announced today that General Atlantic, a leading global growth equity firm, will invest ₹3,675 crore in RRVL. This investment values Reliance Retail at a pre-money equity value of ₹4.285 lakh crore and will translate into a 0.84 per cent equity stake in RRVL on a fully diluted basis.
This marks the second investment by General Atlantic in a subsidiary of Reliance Industries, following a ₹6,598.38 crore investment in Jio Platforms announced earlier this year.
“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,” Mukesh Ambani, chairman and managing director of Reliance Industries, said in a statement.
Bill Ford, chief executive officer of General Atlantic, said: “We are honored to again be partnering with the Reliance team to meaningfully accelerate India’s position in the global digital economy.”
“General Atlantic has tremendous knowledge in the retail space developed by working with leading consumer and retail companies globally over the years and we hope to benefit from that as we progress on our journey,” Isha Ambani, director of Reliance Retail, said.
Fibre2Fashion News Desk (DS)