According to a report, Reliance Industries Ltd is in talks to buy online furniture retailer Urban Ladder and milk delivery firm Milkbasket to strengthen its e-commerce business.
The oil-to-telecoms conglomerate’s talks with Urban Ladder are at an advanced stage, the report said. A deal could be pegged at around $30 million, it said.
The news comes as the COVID-19 pandemic forces many Indians indoors, spurring a wave of online shopping, including for daily groceries such as milk.
Ambani has raised more than $20 billion in the past few months, including from Facebook and Alphabet’s Google, for Reliance’s digital arm, Jio Platforms.
According to report, Milkbasket had held talks with Amazon and Alibaba-backed online grocery retailer BigBasket, but the discussions did not result in a deal due to a mismatch in valuation expectations.