The investment represents a 96 percent stake in UrbanLadder’s capital stock. RRVL has an additional option to acquire the remaining stake, bringing its stake to 100 percent of UrbanLadder’s capital stock.
RRVL proposes to make an additional investment of up to Rs 75 crore. The additional investment is expected to be completed in December 2023.
UrbanLadder was incorporated in India on February 17, 2012. UrbanLadder is in the business of operating a digital platform for furniture and home decor products.
It also has a chain of retail stores in various cities in India. UrbanLadder’s audited turnover was Rs 434 crore, Rs 151.22 crore and Rs 50.61 crore, and a net profit / (loss) of Rs 49.41 crore, Rs 118.66 crore and Rs 457.97 crore in fiscal year 2019, the fiscal year 2018 and fiscal year 2017 respectively.
The aforementioned investment will further enable the group’s new commercial and digital initiatives and will expand the range of consumer products provided by the group, while enhancing user engagement and experience across all of its retail offerings.
No government or regulatory approvals were required for such investment. The investment is not part of transactions with related parties and none of the companies of the promoter / promoter / RIL group has an interest in the transaction.
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