(Bloomberg) — General Atlantic will invest 36.8 billion rupees ($498 million) in billionaire Mukesh Ambani’s retail venture as Asia’s richest man continues to garner funds after securing more than $20 billion for his digital services unit earlier this year.



a stop sign: Signage for Reliance Digital Retail Ltd., a subsidiary of Reliance Industries Ltd., is displayed outside a company store in Mumbai, India, on Tuesday, July 14, 2020. Google is in advanced talks to buy a $4 billion stake in Jio Platforms Ltd., the digital arm of Indian billionaire Mukesh Ambani's conglomerate, people familiar with the matter said, seeking to join rival Facebook Inc. in chasing growth in a promising internet and e-commerce market.


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Signage for Reliance Digital Retail Ltd., a subsidiary of Reliance Industries Ltd., is displayed outside a company store in Mumbai, India, on Tuesday, July 14, 2020. Google is in advanced talks to buy a $4 billion stake in Jio Platforms Ltd., the digital arm of Indian billionaire Mukesh Ambani’s conglomerate, people familiar with the matter said, seeking to join rival Facebook Inc. in chasing growth in a promising internet and e-commerce market.

The private equity firm will hold a 0.84% stake in Reliance Retail Ventures Ltd., according to an exchange filing Wednesday, giving the business a pre-money equity value of 4.29 trillion rupees. Shares of the parent, Reliance Industries Ltd., jumped as much as 5.6% during trading in Mumbai Wednesday after the deal was announced.

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The deal follows U.S. private equity group KKR & Co.’s $754 million investment and Silver Lake Partner’s $1 billion investment this month in the unit. Ambani has been increasing his focus on consumer businesses to tap the growth in both offline and online retail in India’s market of billion-plus consumers.

In his pivot toward technology and retail — away from the group’s staple oil-refining business — Ambani, 63, has raised more than $20 billion by selling stakes in Jio Platforms Ltd., his digital services unit. Investors including Facebook Inc. and Google bought a combined 33% in that venture this year.

After $20 Billion Jio Frenzy, Ambani Seeks Money for Retail

Like KKR and Silver Lake’s investments in Reliance Retail, this infusion makes General Atlantic a repeat investor in Ambani’s consumer businesses. The