RRVL, the holding company of Reliance Retail Ltd (RRL), had diluted 10.1% stake and raised over $6 billion in 2020 from several financial sponsors and sovereign wealth funds (SWFs) such as KKR, General Atlantic, TPG, Silver Lake, L Catterton, Abu Dhabi Investment Authority, Mubadala and Public Investment Fund of Saudi Arabia.

"The Board of Directors of the Company at its meeting held on July 4, 2023, approved a proposal to reduce the equity share capital to the extent held by shareholders other than its Promoter and holding company, namely, Reliance Retail Ventures Limited," RIL said in a regulatory filing.

The company in the filings did not give any reasons behind the financial performance. Industry executives said this jump in revenue – highest growth rate in at least the last five years – is driven by Croma becoming the exclusive online seller for all electronic products in the groups e-commerce platform Tata Neu and rapid offline store expansion.