THE WHAT? Reliance Retail has raised some ₹82.78 billion in a funding round led by the Qatar Investment Authority. The latest round values the Indian retailer at ₹8.28 trillion, almost double 2020’s valuation.  

THE DETAILS The investment will be used to fuel growth in the face of stiff competition from rivals such as Amazon, the Tata Group and Flipkart, according to a report published by Nikkei Asia.

THE WHY? RRV Director Isha Ambani said in a statement per Nikkei Asia, “The investment by Qatar Investment Authority is a strong endorsement of a positive outlook towards the Indian economy and Reliance’s retail business model, strategy and execution capabilities.”