General Atlantic increases stake in Reliance

Mukesh Ambani Chairman RILGeneral Atlantic this week increased its stake in Reliance Industries, India’s largest retailer and one of a handful of companies competing to dominate the country’s booming e-commerce sector. It has now invested an estimated $1.5bn in Reliance in the space of a year. They are not the only US venture capitalists to have bought into its Chairman and CEO Mukesh Ambani’s ambitious drive for growth over the past 12 months. Both private equity firm Silver Lake Partners and buyout firm KKR have also acquired shareholdings of between 1% and 2%.
Specifically, General Atlantic has bought into RRVL, whose subsidiary Reliance Retail operates 12,000 stores across the country and which is on a mission to use digital technology to shake up the structure of India’s retail sector by giving some 20 million merchants access to technology tools and an efficient supply chain infrastructure. General Atlantic has a track record of  backing ‘disruptive’ entrepreneurs including Airbnb, Alibaba, Ant Financial, Box, ByteDance,  Slack, Snapchat, Uber  – and Facebook, which itself invested $5.78 in Reliance’s JioMart platform earlier in the year.
“I am pleased to extend our relationship with General Atlantic as we work towards empowering both merchants and consumers alike, and ultimately transforming Indian Retail,” Ambani said. “Like Reliance Retail, General Atlantic believes in the fundamental ability of digital enablement to drive progress, growth, and inclusion across India and the world.”