Deepti Sri · · 2 min readReliance Retail draws a close to its $6.4b funding run
Reliance Retail Ventures Limited (RRVL), the retail arm of Indian conglomerate Reliance Industries, announced that it has completed its current round of funding with a total raise of 472.6 billion rupees (US$6.4 billion) by selling a 10.09% stake in the company.
The Mukesh Ambani-led company raised the amount from global financial investors including Silver Lake Partners, KKR, GIC, TPG, Saudi Arabia’s Public Investment Fund, Abu Dhabi Investment Authority, and General Atlantic, among others.
The retail company claims this is the largest fundraising exercise in the sector completed in the span of two months.
“With our focus on new commerce, we are committed to playing a transformational role in the Indian retail sector by empowering millions of merchants, and micro, small, and medium-sized enterprises,” said Isha Ambani, director of RRVL.
The funding run for Reliance Industries’ retail unit follows the US$25.7 billion investment spree into its digital services arm Jio Platforms this year.
In a bid to build a stronger retail portfolio, RRVL recently bought a 96% stake in online home decor company Urban Ladder in a US$24 million deal.
In August, it had acquired Future Group in a US$3.4 billion deal, which has since been contested by global ecommerce giant Amazon, who claims it had the first rights to acquire the company.
Reliance Retail reported a consolidated turnover of US$21.7 billion and a net profit of US$726.4 million for the year ended March 2020.
Edited by Collin Furtado and Jaclyn Teng
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
