General Atlantic invests Rs 3,675 crore in Reliance subsidiary RRVL

General Atlantic, a leading global growth equity firm, will invest Rs 3,675 crore in RRVL, a subsidiary of Reliance Industries. The announcement was made on Wednesday morning by Reliance Industries and Reliance Retail Ventures Limited. This investment values Reliance Retail at a pre-money equity value of Rs 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 Rs 6,598.38 crore investment in Jio Platforms announced earlier this year. 

Reliance Retail Limited claims to serve close to 640 million footfalls across its around 12,000 stores nationwide. The company aims 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).  

Meanwhile, 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. It has backed several companies across the world including Airbnb, Alibaba, Ant Financial, Box, ByteDance, Facebook, Slack, Snapchat, Uber and other global technology leaders. 

“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,” Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said.