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Grapevine: ADIA renews interest in Jio Digital Fibre; Urban Ladder looks for buyer
Photo Credit: VCCircle

Abu Dhabi Investment Authority (ADIA) has revived talks to invest close to $1 billion (about Rs 7,500 crore) in Reliance Industries’ infrastructure investment trust (InvIT) Jio Digital Fibre for up to 25% stake, people aware of the matter told The Economic Times.

This comes after it invested $752 million in the group’s digital unit Jio Platforms last month.

The sovereign wealth fund of the United Arab Emirates has already secured initial executive committee approvals and might take a final decision upon review of investment plans within a few days, they said.

In October 2019, the plans of an ADIA-led consortium of GIC of Singapore and I Squared Capital to acquire a controlling stake in the InvIT — Jio Digital Fibre -- were put in cold storage over differences in commercial and operating terms.

The current negotiations are on the final yield structure and revenue upside from sales generated by third parties using the network, added the persons mentioned above.

Meanwhile, online furniture retailer Urban Ladder is looking for a buyer at a valuation of Rs 200 crore ($27 million) as it fights for survival, three people aware of the matter told Moneycontrol.

Urban Ladder CEO Ashish Goel said, "We are not looking for a buyer at this point."

The company had raised a round of funding from existing investors in March 2018 at a much higher valuation of close to Rs 800 crore.

That round was followed by a venture debt round from Trifecta Capital later that year and a bridge round late last year .

The company has been facing hardship after its co-founder, Rajiv Srivatsa, and board member, Vani Kola, managing director of Kalaari Capital, both left the company in 2019, and it had to lay off a fourth of its staff, even before the COVID-19 pandemic hit the industry at large.

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