Reliance Retail Ventures Ltd acquires majority stake in Urban Ladder for Rs. 182.12 crore
Reliance Retail stated that it aims to invest more ₹ 750 million by December 2023. This will take the shareholding in the company to 100 per cent.
On Saturday, Reliance Industries' retail division Reliance Retail Ventures has acquired 96 per cent stake in online home decor company Urban Ladder expanding its presence in the e-commerce market. Reliance Industries shares sailed more than 4.1 per cent in the early trading to touch an intra-day high of ₹ 2,084 at the opening bell. At 9:59 am, the shares were trading at ₹ 2024.50, up 1.1 per cent on the BSE.
Reliance has purchased a majority stake in the eight-year-old e-commerce furniture marketplace Urban Ladder for ₹ 182 crores. Reliance Retail stated that it aims to invest more ₹ 750 million by December 2023. This will take their the shareholding in the company to 100 per cent.
Urban Ladder runs a chain of retail shops in the national capital region (NCR), Mumbai, Pune, Chennai, Bengaluru and Hyderabad.
Meanwhile, this is Reliance Industries' fourth purchase in 2020 after Coimbatore-based Kannan departmental store in March, and e-pharmacy Netmeds and Future Retail’s assets in August.
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