Reliance Industries (RIL), set out to build a strong e-commerce value chain, is in in discussion to acquire online furniture brand Urban Ladder and delivery platfrom Milkbasket, said a report by Times of India.
According to the report, the conglomerate's talks with Urban Ladder is going on for months and are now at an advanced stage. A deal around USD 30 million is on the cards with further infusion in the business and earn-out for management team.
Meanwhile, with Milkbasket, negotiations are on as the grocery delivery platform is looking for better valuation. Previously the company held talks with Bigbasket and Amazon India. The recent capital infusion of USD 5 million has given the company a new lease of life and is negotiating over the valuation of the company, said the report.
Lately, the Mukesh Ambani-led industry giant has also been in talks with players like e-pharmacy startup Netmeds and lingerie retailer Zivame.
With the coronavirus pandemic, online e-commerce services have picked up in many folds as customers have reduced going out for shopping in person. This has increased the interest over delivery businesses and recently, Amazon India ventured in the online medicine space in India with the launch of ‘Amazon Pharmacy’ in Bengaluru and the service is likely to be extended to the other cities.
In May 2020, Reliance Industries launched an online extension of its grocery business under JioMart brand across 200 cities and it currently fulfills the order by own entity and kiranas likely to be on-boarded subsequently.