Even as Business giant Mukesh Ambani’s Reliance Industries has reportedly acquired Netmeds and Zivame, a leading media house report now suggests that the business conglomerate is in talks to acquire online furniture player Urban Ladder and Milkbasket, a milk delivery startup. With Urban Ladder, Reliance is reportedly exploring a $30 million deal that is in advanced stages. The deal will include further fund infusion along with an earn-out for the management.
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As per the report of a leading daily, Urban Ladder earlier was in talks with Flipkart and FabIndia as well for a potential sale. With most of India now working from home, sale of furniture online has seen a significant surge with people setting up offices within their homes. This could be a space that Reliance now wants to tap into. Milkbasket, which has been in talks with other players such as Bigbasket and Amazon India is now reportedly looking for a better deal from Reliance after talks fell through with BB and Amazon overvaluation.
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With Reliance aggressively growing its e-grocery play, Milkbasket will help the company add delivery of dairy, bread and eggs as well to its portfolio as a dedicated delivery service. Reliance said in a stock exchange disclosure that while the company doesn’t comment on media speculation and rumors, it evaluates various opportunities on an ongoing basis. Urban Ladder and Milkbasket declined to comment at the moment. This is not all, the oil-to-telecom conglomerate has reportedly entered the bid to acquire TikTok’s Indian business. As per reports, Reliance Industries held talks with TikTok's parent ByteDance to acquire its operations in India in a deal that is likely to be valued at $5 billion.