Reliance Retail acquires majority stake in Urban Ladder

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.