Reliance Industries subsidiary company Reliance Retail Ventures Limited has acquired Urban Ladder 96% Stake in Rs.182.12 crores.
RRVL has further option of acquring the balance stake, taking its shareoldeing to 100% of the equity share capital of UrbanLadder.
RRVL proposes to make a further investment of up to Rs.75 crores. Further investment is expected to be completed by December 2023.
The Urban Ladder company on incorporated in India on February 17, 2012. Urban Ladder is in the business of operating a digital platform for home furniture and decor products. it also has a chain of retail stores in several cities across India.
Urban Ladder audited turnover was Rs434 crores, Rs.151.22 crore, and Rs50.61 crore, and Net Profit/(Loss) of Rs.49.41 crores, Rs(118.66) crore, and Rs(457.97) crore in FY2019, FY2018, and FY2017 respectively.
The aforesaid investment will further enable the group 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.
No governmental or regulatory approvals were required for the said investment. The investment does not fall within related party transactions and none of RIL’s promoter/ promoter group/ group companies have any interest in the transaction.