New Delhi: Reliance Retail Ventures (RRVL), a subsidiary of Reliance Industries Limited (RIL) has successfully acquired equity shares of Urban Ladder for a whopping cash consideration of Rs 182.12 crore. The mentioned investment represents 96% holding in the equity share capital of Urban Ladder.
RRVL has a further option of acquiring the balance stake, taking its shareholding to 100% of the equity share capital of Urban Ladder.
RRVL also proposes to make a further investment of up to Rs 75 crore. The further investment is expected to be hopefully completed by December 2023.
Urban Ladder was incorporated in India on February 17, 2012. It 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. The deal size by Reliance suggests that it was a fire sale.
The startup had raised about 115 million from Sequoia Capital, SAIF Partners, Steadview Capital and MIT and other investors.