General Atlantic to invest Rs 3,675 crore in Reliance Retail Ventures

General Atlantic’s investment will translate into a 0.84% equity stake in RRVL on a fully diluted basis

e4m by exchange4media Staff
Updated: Sep 30, 2020 10:10 AM
RIL

Reliance Industries Limited (Reliance Industries) and Reliance Retail Ventures Limited (RRVL) have announced that General Atlantic will invest ₹ 3,675 crore into RRVL, a subsidiary of Reliance Industries.

This investment values Reliance Retail at a pre-money equity value of ₹ 4.285 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 ₹6,598.38 crore investment in Jio Platforms announced earlier this year.

Mukesh Ambani, Chairman and Managing Director of 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.”

On the investment, Bill Ford, Chief Executive Officer of 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.”

Isha Ambani, Director of Reliance Retail, said, “We are delighted to welcome General Atlantic as a valued partner as we continue to develop and galvanize the Indian Retail ecosystem for the benefit of all Indian consumers and merchants. 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.”

Sandeep Naik, Managing Director and Head of India & Southeast Asia at General Atlantic, continued, “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.”

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