India’s Reliance Industries Ltd said on Sunday it has bought a 96 per cent stake in online furniture retailer Urban Ladder for 1,821.2 million rupees ($24.4 million), furthering its attempt to expand its presence in India’s online retail market. The Indian 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. The purchase “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. Reliance Retail Ventures Limited, a unit of Reliance Industries, has an option of buying the remaining stake, the company said, adding that it intends to invest a further 750 million rupees by December 2023. Urban Ladder, which counts Steadview Capital, SAIF Partners, Sequoia and Kalaari Capital among its investors, has raised $114.9 million in funding, according to Crunchbase, a business information website. Indian news website Moneycontrol reported in July the company was looking to sell for a sixth of its peak value hit two years ago, following resignations of some top executives and job cuts in 2019.