Reliance Industries may buy Urban Ladder, Milkbasket to boost e-tail

BENGALURU: Reliance Industries is in talks to acquire online furniture brand Urban Ladder and milk delivery platform Milkbasket as it looks to strengthen its e-commerce play, said multiple sources familiar with the matter. The discussions with Urban Ladder have been going on for the last few months and are now at an advanced stage, said four sources briefed on the matter. A deal with Urban Ladder could be pegged at around $30 million, including further infusion in the business and earn-out for the management team, said one of the sources. Milkbasket’s previous talks with firms like Bigbasket and Amazon India haven’t fructified due to valuation mismatch, according to one of the sources. The Bengaluru-based Bigbasket, at the same time, also acquired DailyNinja to boost its subscription-based morning delivery business BB Daily. “It would not be productive to comment on media speculations,” said Urban Ladder co-founder Ashish Goel when contacted by TOI, adding that the company is “Working round-the-clock to rejuvenate the business”. Milkbasket co-founder and CEO Anant Goel did not respond to TOI’s emailed query.