Reliance Retail acquires Urban Ladder for Rs 182.12 crore
Home decor solutions company, Urban Ladder has been acquired by Reliance Industries Limited (RIL) via its wholly-owned subsidiary Reliance Retail Ventures Limited. The company has acquired 96% stake in the Bengaluru-based startup for Rs 182.12 crores. Reliance Retail has the option to acquire the remaining 4% shares of Urban Ladder and plans to invest an additional Rs 75 crores by December 2023.
Urban Ladder had raised over Rs 770 crores or $105 million in capital from investors Steadview, Sequoia Capital, SAIF Partners and Kalaari Capital. The company was struggling to find new backers since existing investors had written it off long ago.