Reliance Industries’ retail arm Reliance Retail Ventures has acquired 96% stakes in online furniture retailer Urban Ladder for Rs 182.12 crore. This deal is the part of Reliance Retail’s expansions in online retail market.
Reliance also confirmed its plans to invest further Rs. 75 crore by December 2023 to take the shareholding in the company to 100 percent.
Reliance Retail said the investment “will further enable the group’s digital and new commerce initiatives and widen the bouquet of consumer products provided by the group while enhancing user engagement and experience across its retail offerings.”
It is worth to note that Urban Ladder had raised over Rs 770 crore from Steadview, Sequoia Capital, SAIF Partners, and Kalaari Capital. After creating an initial buzz, the company failed to achieve its targets. It has been struggling for the past two years and couldn’t find new backers.
IN the financial year that ended in March, Urban Ladder reported a loss of Rs 49.5 Crore and Rs. 433.8 revenue.
Reliance Industries is owned and operated by Asia’s richest man, Mukesh Ambani. The company has attracted some big investment recently and now using the same funds in investments and acquisitions.
Reliance Retail is currently serving more than 3.5 million customers across 6,500 cities through nearly 10,000 physical. The company also recently launched JioMart that boasts to have a presence in over 200 cities.
