General Atlantic to invest $498.31 million in Reliance's retail arm
This investment values Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore, giving General Atlantic’s a 0.84% equity stake in RRVL on a fully diluted basis.
General Atlantic had earlier invested Rs 6,598 crore in Reliance’s Jio Platforms.
Commenting on the investment, Mukesh Ambani, chairman and managing director of Reliance Industries, in a statement 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. We look forward to leveraging General Atlantic’s extensive expertise at the intersection of technology and consumer businesses.”
Bill Ford, CEO of General Atlantic, added: “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 is India’s biggest retailer with roughly 12,000 stores and has been looking to expand its so-called new e-commerce venture, as it vies for market share in India’s growing retail space.
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