Milkbasket Undertakes Restructuring, 130 Employees to be Impacted
- ByStartupStory | July 28, 2023
Milkbasket, a startup owned by Reliance Retail Venture Ltd. (the retail arm of Reliance Industries Ltd.), is undergoing a restructuring exercise that will result in the loss of jobs for approximately 130 employees. The affected employees come from various teams, including tech, product, category, procurement, marketing, and others. Over the last two months, the impacted employees have been informed about the decision and encouraged to seek other opportunities. The reason cited for the job cuts is role redundancy, and the affected employees will receive remuneration as per their notice periods.
The restructuring is part of Milkbasket’s efforts to integrate its operations with JioMart, another initiative by Reliance Industries Ltd. aimed at enhancing efficiency. Additionally, Milkbasket is reportedly working on a new business model and is expected to undergo a rebranding.
It’s worth noting that in 2021, Reliance Retail Venture Ltd. acquired a 96.49% stake in Aaidea Solutions Private Limited, the parent company of Milkbasket.
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