Mukesh Ambani said, “Like Reliance Retail, General Atlantic believes in the fundamental ability of digital enablement to drive progress, growth, and inclusion across India and the world.”
General Atlantic, a leading global growth equity firm has decided to invest ₹3,675 crore into Reliance Retail Ventures Ltd (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, RIL said in a filing with stock exchanges.
Mukesh Ambani, CMD, RIL said, “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,” he said.
Bill Ford, CEO, General Atlantic said, “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,” he added.
Isha Ambani, director, 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.” Mr. Sandeep Naik, Managing Director and Head of India & Southeast Asia at General Atlantic, continued, “
Stating that there is a pressing need for change in the Indian Retail ecosystem, Sandeep Naik, MD and head of India, and Southeast Asia, General Atlantic said, “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.”
The transaction is subject to regulatory and other customary approvals.