Reliance Retail to receive $1b from GIC, TPG

GIC and TPG will invest US$752 million and US$250 million in Reliance Retail for a 1.22% and a 0.41% stake in the company, respectively, said the report.

The latest investment gives Reliance Retail a pre-money valuation north of US$58.4 billion. It comes after the retail arm announced that it would be receiving US$1 billion from Silver Lake and US$755 million from private equity firm KKR last month.

Founded in 2006, Reliance Retail owns nearly 12,000 physical stores in over 6,500 cities and towns in India. The company, which serves more than 3.5 million customers each week.

Physical retail takes up around 97% of all retail sales in India, according to TechCrunch.

It also launched ecommerce platform JioMart, a joint venture with Jio Platforms – the digital arm of Reliance Industries. Since April this year, Jio Platforms raised over US$20 billion from investors including Facebook, Google, and Qualcomm, among others.