Reliance set to acquire MilkBasket for $40 million
February 19, 2021
MilkBasket appears to have found a home. Reliance is set to acquire the subscription commerce company, said people aware of the details of transaction. The Gurugram based firm is looking for the acquisitions for the past few months.
According to the sources, “The talks have reached that last phase and both the companies have agreed upon outline of the deal. Reliance already offered a term sheet early this month and the transaction could be announced very soon”.
The initial talks of the second phase of discussion cropped up last month when Kalaari Capital sold its stake. According to an ET report, the transaction was resisted by the co-founders and other stakeholders.
MilkBasket has raised $33 million in total risk capital from Inflection Point Ventures, Mayfield India, Unilever, Beenext, Kalaari, Lenovo Capital and several offices. In the past the company was in talks with Amazon and Bigbasket for acquisition. Reliance will likely leverage the Goel-led organization to ramp up its subscription commerce platform.