Reliance buys MilkBasket

Reliance Set To Acquire MilkBasket

February 18, 2021

Reliance is all set to obtain the subscription of MilkBasket, a Gurugram-based company that delivers groceries, milk and other everyday necessities.

“The talks have reached the last stage and both parties have agreed upon contours of the deal. Reliance already offered a term sheet early this month and the transaction could be announced soon,” reported Entrackr.

This is the second round of talks between the two companies, it further added.

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“Unlike the previous talk that didn’t materialise, Reliance and MilkBasket are close to signing the deal. The size of the deal is in the range of $40-43 million,” Entrackr report added.

According to an ET report, the initial talks of the second round of discussion took place last month when Kalaari Capital sold its stake to MahendraNahata-led MN Televentures.

The transaction was resisted by the co-founders and other stakeholders as Nahata reportedly has close ties with Reliance.

MilkBasket has raised $33 million in total risk capital from Inflection Point Ventures, Mayfield India, Unilever, Beenext, Blume Ventures, Kalaari, Lenovo Capital and a host of angels including several family offices.

The company was also in talks with Amazon and BigBasket for acquisition in past.

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