Reliance in talks to acquire online start-ups Urban Ladder, Milkbasket: Report

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.