Reliance Industries Ltd said on Sunday that it has bought a 96% stake in online furniture retailer Urban Ladder for 1,821.2 million rupees ($24.4 million), reported news agency Reuters. This move comes in the backdrop of the company furthering its attempt to expand its presence in India’s online retail market.

In a filing exchange on Sunday, Reliance said the purchase of Urban Ladder “will further enable the group’s digital and new commerce initiatives and widen the bouquet of consumer products provided by the group.”

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According to media reports, the furniture retail was looking to sell for a sixth of its peak value hit two years ago.

Reliance is expanding its new commerce venture in a space which is currently dominated by Walmart Inc’s Flipkart and Amazon.com Inc’s Indian arm.

Reliance Industries is lining up investors in its retail unit after the conglomerate raised over $20 billion this year from global investors.

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The company said Reliance Retail Ventures Limited, a unit of Reliance Industries, has the option of buying the remaining stake. It further added that it intends to invest a further 750 million rupees by December 2023.