Reliance Retail raises money from QIA at double the valuation in 3 yrs

Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries (RIL) has announced raising Rs 8,278 cr from Qatar Investment Authority (QIA).

  • Investment is raised at a pre-money equity valuation of Rs 8.278 lakh crore
  • QIA will get 0.99% stake in RRVL on a fully diluted basis
  • This fund raise effectively doubles RRVL’s valuation in 3 years
    • In 2020, RRVL had raised Rs 47,265 cr from various global investors at a pre-money equity value of Rs 4.21 lakh cr.
  • RRVL reported revenues of Rs 260,364 cr and net profits of Rs 9,181 cr for FY 23 – valuing the business at 3.2x of sales and 90x of profits.

Though a significant valuation, it’s lower than the speculated value in the private market by atleast 20-25%.

Nonetheless, RRVL seems to be getting closer to the public listing.

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