Bengaluru, NFAPost: Further consolidatin its position in e-commerce space, Reliance Retail Ventures Limited (“RRVL”), a subsidiary of Reliance Industries Limited (“RIL” or the “Company”) has acquired equity shares of Urban Ladder Home Décor Solutions Private Limited (“UrbanLadder”) for a cash consideration of around Rs 182.12 crore.
According to a regulatory filing, the company stated that the investment represents around 96% holding in the equity share capital of UrbanLadder. RRVL has a further option of acquiring the balance stake, taking its shareholding to 100%
of the equity share capital of UrbanLadder.
RRVL proposes to make a further investment of up to Rs 75 crore. The further investment is expected to be completed by December 2023.
UrbanLadder was incorporated in India on February 17, 2012. UrbanLadder is in the business of operating a digital platform for home furniture and décor products. It also has a chain of retail stores in several cities across India.
UrbanLadder’s audited turnover was Rs 434.00 crore, Rs 151.22 crore and Rs 50.61 crore, and Net Profit / (Loss) of Rs 49.41 crore, Rs (118.66) crore and Rs (457.97) crore respectively for FY 2019, FY 2018 and FY 2017.
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.