(Bloomberg) -- Reliance Retail Ventures Ltd. acquired a 96% stake in Urban Ladder, an online furniture seller for 1.82 billion rupees ($24.4 million), expanding the company's reach in the world's second-most populous nation.
The unit of Reliance Industries Ltd. plans to invest a further 750 million rupees in the next three years, it said in a statement Saturday. It also said it has the option to raise its shareholding of Urban Ladder to 100%.
“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, while enhancing user engagement and experience across its retail offerings,” Reliance Retail said.
Reliance is owned by Mukesh Ambani, Asia's richest man. The company is going after several online retailers as Ambani seeks to widen his footprint in a market that's become a hot spot for global giants such as Amazon.com Inc., chasing a billion-plus consumers.
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