Reliance Retail Ventures Limited (RRVL) upon investing Rs. 182.12 crore in Urban Ladder Home Decor Solutions Private Limited (UrbanLadder) has bought its 96% of equity shares of Urban Ladder. RRVL has an option of acquiring the balance stake, taking its shareholding to 100 per cent of the equity share capital of UrbanLadder.
By December 2023, RRVL expects to complete the further investment of up to Rs 75 crore. UrbanLadder was incorporated in India on February 17, 2012. UrbanLadder is in the business of operating a digital platform for home furniture and decor products. UrbanLadder also has a chain of retail stores in several cities across India. UrbanLadder's audited turnover was Rs 434 crore, Rs 151.22 crore and Rs 50.61 crore, and Net Profit/(Loss) of Rs 49.41 crore, Rs 118.66 crore and Rs 457.97 crore in FY 2019, FY 2018 and FY 2017 respectively.
The investment requires no governmental or regulatory approvals. The investment does not fall within related party transactions and none of RIL's promoter/promoter group/group companies have any interest in the transaction.
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