Reliance Plans to buy Urban Ladder: On 17th August, reliance announced to buy Urban Ladder and Milkbasket. This deal with the Urban ladder would be for $30 million but it is not announced. Urban Ladder is India’s biggest online furniture store, it’s co-founder Ashish Goel said: “it would not be productive to comment on media speculations.”
Reliance is also planning to buy Netmeds for around $120 million and Zivame, an online lingerie store. Mukesh Ambani the richest man od Asia now aims to compete with multinational beasts like Amazon and Flipkart. In 2018, Walmart bought Flipkart.
Reliance Plans to buy Urban Ladder – Milkbasket recently received fundings of $5 million. The application caters 9000 products to 1.3 lakh households across cities of Gurgaon, Noida, Dwarka, Ghaziabad, Hyderabad, and Bengaluru.
It has also seen an increase in daily order by 2-2.5 times as eCommerce services are in demand. Bigbasket also was in talks with Milkbasket and assumed the valuation of around $15 million.
After receiving $20 billion investments from giants like Facebook and google by selling shares in Jio platforms Mukesh Ambani plans to conquer the online grocery market. Indian online grocery market sales have been increased by 76% compared to last year.
It has done sales worth $3 billion this year. The pandemic has played a great part in this. Reliance is also in talks with Bytedance to buy shares in short video creation application TikTok.
The application was banned earlier in June with several other Chinese applications. This was caused due to a clash on the border between Indian and Chinese soldiers and allegations about user data being sent to the Chinese government.
Reliance recently released Jiomart. It soon beat the existing competition by BigBasket and Grofers. They have recorded around 40000 orders in a day.
We also might be looking at a deal between Mukesh Ambani’s Reliance Group and Kishore Biyani led the future group. The deal would enhance the physical presence of Jiomart.