QIA invests $1 billion in Ambani’s Reliance Retail at $100 billion valuation | TechCrunch

QIA, Qatar’s sovereign fund, will make investments $1 billion in Reliance Retail for a 1% stake in India’s largest retail chain, the 2 companies stated Wednesday. The funding values Reliance Retail, a part of Mukesh Ambani’s Reliance Industries, at $100 billion.

Reliance Retail — which operates 18.500 shops and digital commerce platforms, promoting all the pieces from electronics to style and pharma — was final valued at $62.4 billion in 2020, when it raised billions of {dollars} from traders together with Saudi Arabia’s Public Funding Fund and personal fairness large KKR.

The funding comes at a time when Reliance Retail is increasing into new classes, together with low-cost fast-fashion. The corporate has additionally partnered with Shein for the Chinese language e-commerce agency’s re-entry in India.

“QIA is dedicated to supporting revolutionary corporations with high-growth potential in India’s quick rising retail market. We’re wanting ahead to Reliance Retail Ventures Restricted, with its sturdy imaginative and prescient and spectacular development trajectory, becoming a member of our rising and various portfolio of investments in India,” stated Mansoor Ebrahim Al-Mahmoud, CEO of QIA, in an announcement.

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