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Both deals, subject to regulatory approvals, assigned a pre-money equity value of Rs 4.285 lakh crore to Reliance Retail, the conglomerate said.
That is a second investment by TPG in a Reliance Industries group company. Earlier this year, the company had taken a stake worth Rs 4,546.8 crore in Reliance Industries' digital services arm, Jio Platforms.
TPG and GIC join a list of global investors bullish on Reliance Industries' retail business, including Silver Lake Partners, KKR and Mubadala.
Reliance Industries has sold a total 7.28 per cent stake in RRVL since September 9 for Rs 32,197.50 crore.
Reliance Industries has approached investors in Jio Platforms about buying stakes in its retail arm, news agency Reuters had reported in September.
At Reliance Industries' annual general meeting this year, chairman and managing director Mukesh Ambani had said it had been approached by investors for a stake in Reliance Retail.
Reliance Industries has attracted a series of investments this year, which, along with a rights issue worth Rs 53,000 crore, have helped the group become net debt-free much ahead of its goal of March 2021.
The group has been aggressively expanding its footprint in the domestic retail sector as it looks to attract potential investors over the next few quarters.
Reliance Industries forged a Rs 24,713-crore deal in August to acquire rival Future Group's retail business.
That deal followed its launch of JioMart, an online grocery service, In May, in a move aimed at rivalling Amazon's local unit and Walmart's Flipkart in the huge market.