Business Tycoon Mr Mukesh Ambani creating a monopoly in e-commerce space of India, as Reliance Retail Acquires 96% share in Urban Ladder for Rs. 182 Crore (~$24.5 million) in an all-cash transaction.
“Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries (RIL), has acquired equity shares of Urban Ladder Home Decor Solutions Pvt Ltd for a cash consideration of Rs 182.12 crore. RRVL has a further option of acquiring the balance stake, taking its shareholding to 100% of the equity share capital of Urban Ladder. The further investment is expected to be completed by December 2023,” said by Reliance Industries Ltd subsidiary Reliance Retail
Ashish Goel and Rajiv Srivatsa, Co-Founded the online furniture marketplace, Urban Ladder in 2012, and raised around Rs 860 crore ($115 million) in several rounds of funding. Also, Urban Ladder had a valuation at over Rs 1,200 crore ($160 million).
Reliance Industries Ltd also mentioned the process of acquiring Urban Ladder Home Decor Solutions Pvt Ltd will boost India Economy and create more competition in the market by competing with the e-commerce giants. The company has also been seen diversifying its e-grocery delivery platform JioMart at lightning speed, moreover Reliance Retail reportedly operates 12,000 street-side business stores across India.