RIL Planning to buy Urban Ladder, Milkbasket to strengthen E-commerce Play
Mukesh Ambani led RIL, is planning to buy online furniture brand-Urban Ladder and milk delivery platform- Milkbasket. The news comes as the current pandemic has forced people indoors, starting a wave of online retail, including spur in orders for milk and groceries. The development comes at a time when RIL is also said to be in talks to acquire Pharmacy startup Netmeds and lingerie retailer Zivame. The recent move is speculated to be an attempt to compete with Amazon and Walmart-owned Flipkart in the E-commerce segment.
According to the TOI report, the discussion between Urban Ladder and RIL has been going around for a few months. The talks are now at an advanced stage and the deal could be pegged at around $30 million, including further infusion in the business and earn-out for the management team. However, the deal has not been finalized yet.
Milkbasket, on the other hand has not come to any conclusion with discussions with firms like Bigbasket and Amazon over valuation mismatch in the past. Hence, the firm is currently in discussion with RIL, expecting negotiation at a better valuation than its previous suitors.
Reliance Jio Mart at present, has reached out to almost 200 Indian cities with 2.5 lakh daily orders and plans to expand further. A deal with the two companies could benefit Reliance’s e-commerce play in many ways.