Future Retail Acquisition & Valuation
Future Retail was acquired by Reliance Retail for $3.4B in August 2020.
Future Retail revenue
$2.7B
Secondary · Jun 2018
Key investors in Future Retail
Premji Invest
Future Retail Overview
About Future Retail
Future Retail Ltd is an India-based company engaged in the business of multi-brand retail trading. The company's store networks are operated under various brand names, including Big Bazaar, easyday, fbb, and Foodhall. The company focuses on the hypermarket, supermarket, and home solutions segment.
Founded
2007
HQ
IndiaWebsite
Status
Acquired
Revenue
$2.7B (Jun 2018)
Valuation
$4.1B (Jun 2018)
Future Retail Acquisition
Future Retail was acquired by Reliance Retail for $3.4B on 29 August 2020.
Reliance Retail Ventures Limited (subsidiary of Reliance Industries) acquired the retail, wholesale, logistics, and warehousing businesses of Kishore Biyani's Future Group for ₹24,713 crore in an all-cash transaction on a slump sale basis. The acquisition encompassed approximately 1,800 stores across Future Group's banner brands including Big Bazaar, FBB, Easyday, Central, and Foodhall formats operating across over 420 cities in India, with approximately 16.1 million square feet of retail trading area. This transaction was designed as a holistic solution to address Future Group's debt challenges and financial difficulties that had been exacerbated by the COVID-19 pandemic and macroeconomic headwinds, with the deal proceeding before lenders' moratorium deadlines. The acquisition significantly expanded Reliance Retail's footprint from approximately 11,806 to over 13,500 outlets, positioning it as India's largest retailer by store count and enabling enhanced synergies in procurement, logistics, supply chain integration, and e-commerce capabilities through Reliance's JioMart platform. Strategic benefits included leveraging Future Group's last-mile delivery expertise, neighborhood store networks in South and North India, and operational synergies across the combined retail enterprise.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 29 Aug 2020 | Strategic M&A | $3.4B |
Sources: vccircle.com, vccircle.com
Future Retail Valuation
Future Retail is currently valued at $4.1B, based on its secondary sale in June 2018. Read the announcement ↗
The round included Premji Invest.
Future Retail valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jun 2018 | Secondary | $4.1B | 1.5x |
Future Retail Revenue
Future Retail's latest recorded revenue is $2.7B, as of its secondary sale in June 2018. At a $4.1B valuation, that implies a 1.5x revenue multiple.
Future Retail revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jun 2018 | $2.7B | $4.1B | 1.5x | Secondary |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Future Retail Funding History
Future Retail has 1 recorded secondary share sale and no primary funding rounds.
| Date | Stage | Investors | Valuation | Deal Summary |
|---|---|---|---|---|
| Jun 2018 | Secondary | Premji Invest | $4.1B | PremjiInvest, the family office of Wipro chairman Azim Premji, picked up a 6% stake in Future Retail in June 2018 through a bulk deal on the exchange. The shares were sold by Cedar Support Services, a subsidiary of Bharti Ventures, which sold about 3.03 crore shares for roughly INR 1,697 crore, around USD 240 million. NSE filings named PI Opportunities Fund I and Pioneer Investment Fund as the main buyers of the block. Cyril Amarchand Mangaldas advised Premji Invest's funds on the purchase. The stake was a minority holding in a listed company, and no new capital went to Future Retail. Future Retail is the operator of the Big Bazaar hypermarket chain and is part of Kishore Biyani's Future Group. |
Who has invested in Future Retail?
1 investor has backed Future Retail across its funding rounds, including Premji Invest.
Future Retail Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 Future Retail investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Future Retail
Future Retail has acquired 2 companies to date.
Last acquisition by Future Retail was on September 5th 2017. Future Retail acquired hypercity for $102M.
Latest Acquisitions by Future Retail
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Heritage Foods (retail unit) | ||
| Description | Hypercity is an Indian hypermarket chain under the K. Raheja Corp Group, operating 24 stores across cities like Mumbai, Bangalore, and Pune. Specializing in groceries, consumer electronics, apparel, and home appliances, it stocks over 50,000 SKUs from brands such as P&G and Samsung. Established in 2004, the retailer spans 500,000 square feet of retail space, serving 10 million customers annually through loyalty programs like Future Privileges. Hypercity focuses on private labels contributing 15% of sales, with online delivery via its app in select metros. | Heritage Foods Retail Limited operates as the supermarket division of Heritage Foods India Limited, a Hyderabad-headquartered company that sells fresh produce, groceries, dairy products, and household essentials through its Heritage Fresh stores. The chain maintains over 175 outlets primarily in Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu as of 2023. Heritage Foods Retail Limited focuses on daily needs retail alongside its parent company's milk processing plants across South India. The business supports local farmers by sourcing vegetables and fruits directly from more than 2,000 farmers in the region. |
| HQ Country | | |
| HQ City | Mumbai | Hyderabad |
| Deal Date | 5 Sep 2017 | 7 Nov 2016 |
| Valuation | $102M | $4M |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Future Retail acquisitions and their M&A valuation multiples. Start Free Trial | ||
Common questions about Future Retail
| When was Future Retail founded? | Future Retail was founded in 2007. |
| Where is Future Retail headquartered? | Future Retail is headquartered in India. |
| Is Future Retail publicly listed? | No, Future Retail was acquired by Reliance Retail in August 2020. |
| Who acquired Future Retail? | Future Retail was acquired by Reliance Retail in August 2020. |
| How much was Future Retail acquired for? | Future Retail was acquired for $3.4B in August 2020. |
| What is Future Retail's valuation? | Future Retail was last valued at $4.1B in its secondary sale in June 2018. |
| Who are Future Retail's investors? | Future Retail's investors include Premji Invest. |
| What is Future Retail's revenue? | Future Retail's latest recorded revenue is $2.7B (June 2018). |
| What is Future Retail's revenue multiple? | Future Retail's latest valuation implies a 1.5x revenue multiple ($4.1B valuation on $2.7B of revenue). |
| How many companies has Future Retail acquired? | Future Retail has acquired 2 companies, including hypercity and Heritage Foods (retail unit). |
| What was the largest acquisition by Future Retail? | The $102M acquisition of hypercity in September 2017 is the largest acquisition Future Retail has made to date. |
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