Reliance Retail-General Atlantic Deal: All You Need to Know About the $498.31 Million Investment

– The investment gives Reliance Retail a pre-money valuation of 4.29 trillion rupees ($58.17 billion)

– Chairman Mukesh Ambani said Reliance would leverage General Atlantic’s “extensive expertise at the intersection of technology and consumer businesses” to expand its new commerce venture, tying neighbourhood stores for online deliveries of groceries, apparel and electronics.

– Bill Ford, Chief Executive Officer of General Atlantic, said, “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 honoured to again be partnering with the Reliance team to meaningfully accelerate India’s position in the global digital economy.”

– With the latest investment from General Atlantic — which has also invested in Airbnb, Slack and Uber — Reliance has now raised around $2.3 billion for its retail arm.