Reliance Industries Ltd. (RIL), controlled by Billionaire Mukesh Ambani has stated that US-based General Atlantic is interested to invest Rs. 3675 crore for a 0.84 percent stake in its retail arm, Reliance Retail Ventures Ltd (RRVL). 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 percent 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 crore investment in Jio Platforms announced earlier this year, RIL said in a filing with stock exchanges.

“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,” says Mukesh Ambani, Chairman & Managing Director, RIL. He further adds “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”.

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

“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,” says Bill Ford, CEO, General Atlantic.

“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,” says Isha Ambani, Director, Reliance Retail.

“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 Omni channel retail solutions to Kiranas and consumers,” says Sandeep Naik, Managing Director and Head of India & Southeast Asia at General Atlantic.