Reliance Retail Limited operates the fastest growing retail business in India
Reliance Retail Ventures, the retail arm of Reliance Industries, led by Mukesh Ambai, bought a 96 percent stake in online furniture retailer Urban Ladder for Rs 182.12 crore ($ 24.4 million), in an attempt to expand its presence in India’s online retail market. Reliance said in a filing to the stock exchange today (Nov 15) that the acquisition will further enable the group’s new and digital commerce initiatives and will expand the group of consumer products provided by the group. The conglomerate is looking to expand its new business venture, connecting neighborhood stores with Reliance for online grocery, electronics and clothing deliveries in order to emerge as a potent competitor to current e-commerce leaders like Walmart Inc’s Flipkart. and Amazon by Jeff Bezos. .
Reliance Retail Acquires a Majority Stake in Electronic Furniture Startup Urban Ladder – Here’s All You Need to Know:
- Reliance Retail has purchased a 96 percent majority stake in Urban Ladder for Rs 182 crore or $ 24.4 million. Over the past few months, Reliance has been in talks with Urban Ladder, the eight-year-old electronics furniture market, to acquire stakes.
- According to Crunchbase, a business information website, Urban Ladder, which counts Steadview Capital, Kalaari Capital, SAIF Partners and Sequoia among its investors, had raised $ 114.9 million in funding.
- Urban Ladder operates a chain of retail stores in the National Capital Region (NCR), Mumbai, Pune, Bengaluru, Hyderabad and Chennai.
- Reliance Retail Ventures Limited is a unit of Reliance Industries and has the option to purchase the remaining interest. Reliance stated that it intends to invest another Rs 750 million by December 2023, which will bring the stake in the company to 100 percent.
- Reliance Industries, owned and operated by Asia’s richest man, Mukesh Ambani, is recruiting investors into its retail unit after the conglomerate raised more than $ 20 billion this year from top global investors.
Meanwhile, Reliance Industries struck the first cross-border mega deal of the year with Mark Zuckerberg’s Facebook by purchasing a 9.99 percent equity stake in Reliance Jio for Rs 43,574 crore. On November 5, Reliance Industries announced that Saudi Arabia’s Public Investment Fund (PIF) will invest Rs 9,555 crore for a 2.04% equity stake in Reliance Retail Ventures. This will value the company at Rs 4.59 lakh crore. (Read also: Saudi Arabia investment fund to invest ₹ 9,550 crore in Mukesh Ambani’s Reliance Retail Ventures)
Recently Reliance Industries said it will invest up to $ 50 million or Rs 371 crore in Breakthrough Energy Ventures, a climate change company owned by Microsoft co-founder Bill Gates. The conglomerate will invest in tranches over the next eight to 10 years and the transaction is subject to the approval of the Reserve Bank of India (RBI).
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