Reliance Retail buys 96% stake in Urban Ladder for over Rs 182 crore

Reliance Industries’ (RIL’s) retail arm has acquired 96 per cent stake in Bengaluru-based online furniture retailer Urban Ladder for over Rs 182 crore.

The deal is expected to help Mukesh Ambani-headed RIL take on players such as Jeff Bezos-led Amazon, Walmart-owned Flipkart, Swedish home furnishing major Ikea, and smaller rival Pepperfry in the battle for India’s $32 billion worth furniture market.

Reliance Retail Ventures (RRVL), a subsidiary of RIL, has acquired equity shares of Urban Ladder Home Decor Solutions (Urban Ladder) for a cash consideration of Rs 182.12 crore, RIL said in a statement. This investment represents about 96 per cent holding in the equity share capital of Urban Ladder.