Reliance Retail Furniture and decor have gained a majority stake in the platform Urban Stairs, India’s largest retail chain ready to fight Amazon and Flipkart is putting widespread pressure on e-commerce.
In filing with the local stock exchange, Reliance Retail said it had acquired a 96% stake. Urban Stairs For about .4 24.43 million. The Indian retailer, which retains the option to acquire the remaining stake in the seven-and-a-half-year-old startup, has said it plans to invest an additional 10. 10.06 million in Urban Ladder by December 2023.
Founded in early 2012, Urban CD Home furniture and decor products are sold online. It also operates a chain of physical retail stores in many Indian cities. The size of the deal suggests it was a sale of fire.
Grew up about startups Million 115 million By Centuia Capital, SAIF Partners, Steadview Capital and MIT and other investors, according to Crunchbase and Traxon. For the fiscal year ended March, Indian startups lost 6. 6.63 million on a turnover of 58 58.2 million.
Reliance Retail Said (PDF) The investment will “enable the group’s digital and new commercial initiatives and expand the bouquet of consumer products provided by the group, while enhancing the user’s engagement and experience in its retail offerings.”
Urban Ladder is the latest acquisition for Reliance Retail, which said earlier this year that it has A 3. 3.4 billion deal with Future Group To buy the business of India’s second largest retail chain. In August, Reliance acquired a 60% stake in pharma marketplace Netmadex’s parent firm Vitalik. About.2 83.2 million.
Reliance Retail, which is part of Reliance Industries (India’s most valuable company) Has raised about 4 6.4 billion in recent months After his sister subsidiary, Geo Platform, It has generated more than 20 billion in revenue this year Other high profile investors include Facebook and Google.
Reliance Retail, which sells over 10,000 physical stores in more than 100,000 cities and towns across the country. Serving over a million customers, Geo entered the e-commerce space with Geomart through a joint venture with the platform. JioMart now has a presence More than 200 Indian cities and towns, And also maintains one Partnership for WhatsApp integration with Facebook.