Reliance Retail Ventures Ltd, a subsidiary of Reliance Industries, has reportedly announced an investment of ?3,675 crore (nearly $500 million) by General Atlantic.

On a fully diluted basis, the investment will translate into an equity stake of 0.84% in Reliance Retail. As per the pre-money equity valuation, Reliance Retail has registered ?4.285 lakh crore ($58.4 billion).

For the record, General Atlantic has previously invested ?6,598.38 crore ($898.9 million) in Jio Platforms. Collectively, Reliance Retail has raised ?13,050 crore ($1.7 billion) over the last few weeks from Silver Lake Partners and KKR & Co by selling 1.75% and 1.28% stakes, respectively.

According to Reliance Industries’ Managing Director and Chairman, Mukesh Ambani, the company is excited to extend its partnership with General Atlantic, which shares the same vision of empowering consumers and merchants. These targets will ultimately lead to the transformation of Indian Retail. According to Mr. Ambani, the equity firm also believes that the advancements of the digital platform can help drive growth and inclusion in India and globally. The company will leverage the expertise of General Atlantic with regards to the technology and consumer businesses as it sets to roll out the New Commerce platform and redefine retail in the region.

General Atlantic’s CEO, Bill Ford, has reportedly stated that the company is thrilled to support Reliance Retail in its New Commerce mission to ensure substantial transformation of the country’s retail sector, which is related to its vision of Digital India. He also commented on the company’s shared foundational belief with Reliance Industries in using technology to stimulate transformative growth and accelerate the position of India in the global digital economy.

Reliance is the largest retailer with over 12,000 stores in India, with a prime focus on expanding its new e-Commerce venture to gain a significant share in the country’s retail space.

Morgan Stanley served as Reliance’s financial advisor, with Davis Polk & Wardwell and Cyril Amarchand Mangaldas as the legal counsel. On the other hand, Paul, Weiss, Rifkind, Wharton & Garrison LLP and Shardul Amarchand Mangaldas & Co served as General Atlantic’s legal counsel.

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