Mukesh Ambani's Reliance Retail gets its second investment in two weeks – KKR invests ₹5,550 crore
KKRwill take up a 1.28% stake in Ambani’s retail venture. Reliance Retailis currently valued at ₹4.21 lakh crore with the investment. RelianceRetail is set to raise $5.7 billion with only existing Jio investors coming on board as investors
KKR had also invested ₹11,367 crore for a 2.32% stake in Jio Platforms.
“Reliance Retail’s new commerce platform is filling an important need for both consumers and small businesses as more Indian consumers move to shopping online and the company offers tools for Kiranas to be a critical part of the value chain. We are thrilled to support Reliance Retail in its mission to become India’s leading omnichannel retailer and ultimately to build a more inclusive Indian retail economy,” said Henry Kravis, Co-Founder and Co-CEO of KKR.
AdvertisementEarlier, Silver Lake had invested ₹7,500 crore in Reliance Retail for a 1.75% stake in the company.
At his speech during Reliance’s Annual General Meet, Ambani had mentioned that talks are on with potential investors for investments in retail. According to Business Insider’s sources, Reliance Retail is set to raise $5.7 billion with only existing Jio investors getting on board as investors to “further deepen the relationship”.
“I am pleased to welcome KKR as an investor in Reliance Retail Ventures as we continue our onward march to growing and transforming the Indian Retail ecosystem for the benefit of all Indians. We look forward to working with KKR’s global platform, industry knowledge and operational expertise across our digital services and retail businesses,” said Mukesh Ambani, Chairman and Managing Director of Reliance Industries in a statement,
The fundraising comes right after Reliance Retail officially acquired one of its largest competitors, Kishore Biyani’s Future Retail, for ₹25,000 crore ($3.4 billion).
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