Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Ltd (RIL), has acquired 96 per cent stake in online furniture retailer Urban Ladder for Rs 182.12 crore. This shows the commitment of Mukesh Ambani-led Reliance in services segment.
Reliance Retail Ventures Limited (RRVL) has bought 96% holding in the equity share capital of Urban Ladder and has a further option of acquiring the balance stake, taking its shareholding to 100%, Reliance Industries (RIL) said in a late-night regulatory filing on Saturday.
RRVL has a further option of acquiring the balance stake, taking its shareholding to 100 per cent of the equity share capital of Urban Ladder. Besides, RRVL has proposed to make a further investment of up to Rs 75 crore.
The online furniture retailer was valued at around Rs 1,200 crore in 2018, which dropped to around Rs 750 crore in 2019. Urban Ladder was incorporated in India on February 17, 2012. Besides online, the company has presence in offline channels and operates a chain of retail stores in several cities across India. In 2018-19, Urban Ladder’s audited turnover was Rs 434 crore and the net profit was Rs 49.41 crore.