Reliance Industries Ltd said on Sunday it has bought a 96% stake in online furniture retailer Urban Ladder for Rs 1821.2 million ($24.4 million), furthering its attempt to expand its presence in India's online retail market.
The Indian conglomerate is expanding its new commerce venture, which ties neighbourhood stores to Reliance for online deliveries of groceries, apparel and electronics.
"The aforesaid investment will further enable the group’s digital and new commerce initiatives and widen the bouquet of consumer products provided by the group," Reliance said in a filing to exchanges on Sunday.
Reliance Retail Ventures Limited, a unit of Reliance Industries, has an option of buying the remaining stake, the company said, adding that it intends to invest a further 750 million rupees by December 2023.
Reliance Industries is lining up investors in its retail unit after the conglomerate raised over $20 billion this year from global investors, including Facebook Inc, by selling stakes in its Jio Platforms digital business.
Disclosure: News18.com is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited that also owns Reliance Jio
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