BENGALURU -- Indian billionaire Mukesh Ambani's retail venture has raised 82.78 billion rupees ($1 billion) from Qatar's sovereign fund to fuel growth amid increasing competition from the likes of Tata Group, Amazon and Walmart's Flipkart.

Reliance Retail Ventures said Wednesday that the company was valued at 8.28 trillion rupees ($100 billion) in its latest fundraising round. This was almost double its valuation of 4.21 trillion rupees in 2020, when the firm raised 472.65 billion rupees from private equity firms including Silver Lake, KKR, TPG and General Atlantic.