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RIL To Take Over Online E-Commerce Firms Urban Ladder, Milkbasket
As a way forward to strengthen its position in the online e-commerce space, Mukesh Ambani led oil-to telecom conglomerate Reliance Industries' plans to take over online furniture firm Urban Ladder as well as milk distribution platform Milkbasket.
In accordance with the Times of India report, if the deal with Urban Ladder sails through, Reliance Industries could peg it at around $30 million. Further, the company may infuse more capital into the enterprise for expanding its presence.
Likewise, the report suggested that RIL talks with Milkbasket for a takeover deal are also at an advanced stage and the milk delivery firm earlier was negotiating on its valuations with Bigbasket and Amazon.
Milkbasket has its presence across NCR region, Bengaluru, Hyderbad and caters to as many as 1.3 lakh families. The company's expansive product profile spans several categories, including fruits, vegetables, FMCG, and dairy. Given the pandemic situation, when people prefer getting daily essentials delivered at their doorstep, daily average orders at the company have surged by about 2.5 times and also it is registering 100 new sign-ups on a daily basis.
Also, RIL is set to acquire online pharmacy major Netmeds and lingerie firm Zivame. Additionally, the oil to retail giant is close to complete the takeover deal with Future Group for strengthening its physical store presence as well as support business of its e-commerce enterprise JioMart. The brands, logistics as well as warehousing units of Future Group will enhance the network of Reliance Retail Ventures Ltd.
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