Reliance Retail Acquires 96.49% Stake in Milkbasket
- ByStartupStory | October 25, 2021
Reliance Industries, a subsidiary of Reliance Retail Ventures Ltd, continues its wave of acquisitions of consumer internet startups and has confirmed the acquisition of Milkbasket. The company disclosed this when announcing its Q2 22 results. Without disclosing the financial details of the transaction, the conglomerate said, RRVL acquired a 96.49% stake in Aaidea Solutions during the quarter. Private Limited (Milkbasket). The oil giant said the commercial integration of the Direct-to-Consumer (D2C) platform is complete. Milkbasket is a subscription-based daily microbe delivery service, providing consumers with fresh food and daily needs. According to previous reports, the deal has been set at approximately $40 million. However, to date, the company has not confirmed the acquisition or the amount. In August, two RIL executives, Nikhil K Chakrapani, CFO of Reliance Retail and Rajendra Kamath, CFO of Reliance Content Management, joined Milkbasket’s board of directors as additional directors. Milkbasket was also in talks with Bigbasket, Amazon, Swiggy and others for investments. Founded in 2015 by Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia, Milkbasket capitalizes on household groceries in fruit & vegetables, dairy products, bakery and more. Before the acquisition, the startup had raised $38.5 million in 11 financing rounds. The startup, which claims to supply 130,000 households and offers 9,000 products including vegetables, dairy, bakery and fruits, is operational in Delhi NCR, Hyderabad and Bengaluru.
Milkbasket is just another startup in Mukesh Ambaniled’s RIL cart focused on building its e-commerce empire. Other recent acquisitions of tech startups by RIL include pharmacy startup Netmeds, online furniture startup Urban Ladder, Zivame, among others. In its statement, RIL also said the business integration of its recently acquired home fashion brand Portico was also completed in the quarter ending September. Through acquisitions and its ambitious JioMart plans, Reliance is looking to compete against e-commerce giants Amazon, Flipkart and the much-talked-about upcoming super-app TataNeu.
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