Reliance Retail buys Urban Ladder for $24.4 million

Reliance Retail buys Urban Ladder for $ 24.4 millionReliance Retail has acquired a majority stake in furniture and decor platform Urban Ladder, making a broader push into e-commerce as the largest retail chain in India gears up to fight Amazon and Flipkart. In a filing to the local stock exchange, Reliance Retail said it had acquired a 96% stake in Urban Ladder for about $ 24.43 million. The Indian retail giant, which retains the option to acquire the remainder stake in the seven-and-a-half-years-old startup, said it has proposed to invest up to $ 10.06 million more in Urban Ladder by December 2023.

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