Reliance Industries announced that General Atlantic will invest ₹ 3,675 crores in Reliance Retail Ventures (Reliance Industries Subsidiary). This investment will translate to 0.84% equity on a fully diluted basis for General Atlantic. Earlier this year, General Atlantic also invested ₹ 6,598.38 crores in Jio platforms.
Reliance Industries Chairman and Managing Director, Mukesh Ambani 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.”
General Atlantic CEO, Bill Ford 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.”
Reliance is India’s Biggest retailer with around 12000 stores. Reliance is looking to expand its New E-commerce Venture in India’s growing retail space.