Chennai: Furthering its attempt to expand its presence in India’s online retail market, Reliance Industries Ltd has bought 96% stake in online furniture retailer Urban Ladder for Rs 1821.2 million.
“The aforesaid investment will further enable the group’s digital and new commerce initiatives and widen the bouquet of consumer products provided by the group,” Reliance said in a filing to exchanges on Sunday.
The conglomerate is expanding its so-called new commerce venture, which ties neighbourhood stores to Reliance for online deliveries of groceries, apparel and electronics in a space currently dominated by Walmart Inc.’s Flipkart and Amazon.com Inc.’s Indian arm, news agency Reuters reported.
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