Reliance Retail Ventures, a subsidiary of Reliance Industries Ltd (RIL), acquired a majority stake in the online furniture store Urban Ladder for Rs 182.12 crore
RRVL bought 96% holding in the equity share capital of Urban Ladder and has the further option of acquiring the balance stake, taking its shareholding to 100%, according to a stock exchange filing on Saturday.
Reliance Retail proposes to further invest up to Rs 75 crore by December 2023.
An eight-year-old startup with stores online and offline, Urban Ladder's acquisition could trigger consolidation among other online retailers.
“The aforesaid 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." Reliance Retail said.
Deccan Herald is on WhatsApp Channels| Join now for Breaking News & Editor's Picks