Billionaire Mukesh Ambani-led Reliance Industries is reportedly in talks to acquire online furniture marketplace Urban Ladder and daily milk delivery service Milkbasket in an attempt to get a hold of the e-commerce business.
According to a report by the Times Of India, the Indian conglomerate is in an advanced stage of talking with Urban Ladder and it is being expected that the deal would be around $30mn if both the parties agree.
However, there is no official confirmation yet from any of the parties.
The recent development at Reliance comes at a time when the company is actively looking to diversify its online portfolio with various projects like JioMart and the acquisition of Zivame.
The coronavirus pandemic has caused a sudden surge in the demand of such online companies and their services as customers are increasingly sitting at their homes and availing their services.
Earlier in May, Reliance had launched its online grocery service JioMart to counter the growing userbase of Amazon and Flipkart. In the period from April-June, JioPlatforms had also raised about $20Bn from giants such as Facebook, Google, and KKR.
Meanwhile, there’re also reports going around the media and the internet about a possibility of RIL acquiring the Indian business of ByteDance-owned TikTok after the latter got banned in the country.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.