Reliance Industries Ltd (RIL) acquired online furniture seller Urban Ladder expanding its acquisitions in Indias fast-growing e-commerce market.
Reliance Retail Ventures Ltd (RRVL), the retail unit of Mukesh Ambani’s
RIL, bought 96% of Urban Ladder and has the option to buy the remaining 4% stake, the company said in a stock exchange filing on Saturday night. RRVL proposes to make a complete takeover bid by 2023.
Urban Ladder has had a challenging run in the last few quarters with subdued results. Rival Pepperfry is on the path to profitability and plans to go public as early as next year, with sales seeing a boost because of the shift to work-from-home during extended lockdowns.
Home furniture is however a small part of online retail and remaining profitable is a formidable challenge.