- Mukesh Ambani’s
Reliance Retail has acquiredfurniture retail startupUrban Ladder for ₹182 crore taking up a 96% share in the startup. - Reliance Retail will further invest another ₹75 crore by December 2023.
- During its peak in 2018, the startup had a valuation of ₹1200 crore, in 2019 the valuation had come down to ₹750 crore.
The retail giant had been in talks with the distressed startup for a long time now. Urban Ladder has gone through its own ups and downs and even after having raised over ₹857 crore got sold for a mere ₹182 crore. During its peak in 2018, the startup had a valuation of $4, in 2019 the valuation had come down to ₹750 crore.
In 2018, Urban Ladder underwent an organizational restructuring earlier this year, and had to let go off 90 employees, after which it had managed to post profit.
Some of Urban Ladder’s marquee investors were Ratan Tata, Sequoia India, Steadview Capital, SAIF Partners, and Kalaari Capital.
Reliance Retail has been on an acquisition spree having picked up stakes in
However, the Mukesh Ambani-led retail giant’s biggest acquisition, $4, is currently being challenged by Amazon.
Reliance Retail, which is looking to maintain its dominance in India’s retail industry, has raised over $6.3 billion from investors over the last three months.
Reliance Retail: The flurry of global investments
Mukesh Ambani had also revealed plans of hiving off Reliance Retail and Jio and $4separately.