This marks the second investment by General Atlantic in a subsidiary of Reliance Industries, following a ₹ 6,598.38 crore investment in Jio Platforms announced earlier this year.

Reliance Retail has collected a combined ₹13,050 crore in the past few weeks from private equity giant Silver Lake Partners and US buyout firm KKR & Co in exchange for 1.75 percent and 1.28 percent stakes, respectively.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “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. Like Reliance Retail, General Atlantic believes in the fundamental ability of digital enablement to drive progress, growth, and inclusion across India and the world. We look forward to leveraging General Atlantic’s extensive expertise at the intersection of technology and consumer businesses, and two decades of experience investing in India, as we create a disruptive New Commerce platform to redefine retail in the country.

Morgan Stanley acted as financial advisor to Reliance Retail and Cyril Amarchand Mangaldas and Davis Polk & Wardwell acted as legal counsels. Shardul Amarchand Mangaldas & Co and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to General Atlantic.