Reliance Retail Acquires Urban Ladder for Rs. 182 Crore
Nov. 16, 2020In a move that further illustrates how bullish Mukesh Ambani is about the e-commerce space in India,Reliance Retailhas today acquired online furniture marketplace, Urban Ladder, for Rs. 182.12 crore (~$24.5 million) in an all-cash deal.
According to Reliance, the acquisition will help it boost its presence in the country’s lucrative e-commerce segment and expand its online product portfolio as it looks to compete with incumbent e-commerce majors, Amazon and Flipkart. The company is alreadyexpanding its JioMart e-grocery delivery platformat breakneck speed, while Reliance Retail reportedly operates 12,000 brick-and-mortar stores across India.
The acquisition also further sets up the clash between two of the world’s richest men –Amazon’s Jeff BezosandReliance’s Mukesh Ambani– who have been slugging it out in the courts over Reliance Retail’s recent acquisition of the retail assets of Future Group (Amazon’s former Indian partner) in a deal that has now become a bone of contention between Reliance and Amazon.
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