The oil-to-telecoms conglomerate's talks with Urban Ladder are at an advanced stage, the report said
BENGALURU: 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 Times of India newspaper reported on Monday.
The oil-to-telecoms conglomerate's talks with Urban Ladder are at an advanced stage, the report said, citing four unnamed sources briefed on the matter. A deal could be pegged at around $30 million, it said, citing one of the sources.
Representatives at Reliance, Urban Ladder and Milkbasket did not immediately respond to Reuters requests for comment.
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.
Reliance, led by Asia’s richest man, Mukesh Ambani, launched an online grocery service JioMart in May, a move rivalling Amazon.com Inc and Walmart Inc’s Flipkart in India, a key growth market for e-commerce.
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.
The Times of India report said, citing a source, that 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.