Reliance Industries Limited (RIL) has bought online furniture retailer Urban Ladder Home Decor Solutions for around Rs 182 crore, amounting to a 96% of its shares, enhancing its e-commerce sector and increasing its effort in the corporate war against competitors like Amazon and Flipkart.
The deal was made by Reliance Retail Ventures. Reliance Retail Ventures also plans to invest another Rs 75 crore in Urban Ladder by December 2023. There have been many overseas investments in Reliance Retail Ventures, with the treasuries of Middle Eastern countries like Saudi Arabia, Singapore and the United Arab Emirates holding an 11% stake.
Urban Ladder was founded by Ashish Goel and Rajiv Srivatsa in July 2012, first as an online retailer and then shifting towards offline retail, opening stores based in Bangalore. Rajiv has since then moved on to other opportunities, becoming a partner with venture capital firm Antler in October 2019 while Ashish remains with the company.
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