Reliance Industries Limited and Reliance Retail Ventures Limited (RRVL) announced today that General Atlantic, a leading global growth equity firm, will invest Rs. 3,675 crore into RRVL, a subsidiary of Reliance Industries.
This investment values Reliance Retail at a pre-money equity value of Rs. 4.3 lakh crore. General Atlantic’s investment will translate into a 0.84% 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 Rs. 6,598.38 crore investment in Jio Platforms announced earlier this year.
Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest, fastest growing and most profitable retail business serving close to 640 million footfalls across its around 12,000 stores nationwide. Reliance Retail’s vision is to galvanize the Indian retail sector through an inclusive strategy serving millions of customers by empowering millions of farmers and micro, small and medium enterprises (MSMEs) and working closely with global and domestic companies.
General Atlantic is a leading global growth equity firm with a 40-year track record of investing in the technology, consumer, financial services and healthcare sectors. General Atlantic has a longstanding tradition of backing disruptive entrepreneurs and companies around the world, including Airbnb, Alibaba, Ant Financial, Box, ByteDance, Facebook, Slack, Snapchat, Uber and other global technology leaders.
Mukesh Ambani, Chairman and Managing Director, Reliance Industries said, “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, Chief Executive Officer, 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.”
Sandeep Naik, Managing Director and Head of India & Southeast Asia at General Atlantic said, “There is a pressing need for change in the Indian Retail ecosystem. Reliance Retail’s strategy is unique – highly disruptive, and yet fully inclusive, it demonstrates a deep understanding of the diverse needs of India and Bharat, and the opportunity to provide more holistic omnichannel retail solutions to Kiranas and consumers.”