Reliance Retail valued at $57b after $755m investment from KKR

The investment, which translates to a 1.28% stake in Reliance Retail, puts the company valuation at US$57 billion, Reliance disclosed in a statement.

KKR also invested US$1.5 billion in Jio Platforms, the digital services arm of the conglomerate, back in May.

This year alone, the Mukesh Ambani-controlled multinational company has raised over US$20 billion from global investors that include Facebook, Google, Qualcomm, and KKR, among others.

Earlier this month, US-based investment firm Silver Lake said it will invest about US$1 billion in Reliance Retail for a 1.75% equity stake on a fully diluted basis.

The Indian company is expanding its “new commerce venture” to provide online delivery services for neighborhood stores selling groceries, apparel, and electronics – a space that is currently dominated by Walmart’s Flipkart and Amazon.

With around 12,000 stores in India, Reliance is currently the biggest retailer in the country. It acquired its rival Future Group’s retail business in a US$3.38 billion deal last month.

In a statement, KKR co-founder Henry Kravis said that the conglomerate is “empowering merchants of all sizes and fundamentally changing the retail experience for Indian consumers.”