Reliance to acquire MilkBasket for more that $40 mn
Reliance is all set to acquire Gurugram-based firm that delivers groceries, milk and other every day essentials
MilkBasket has been looking for acquisition for the last 6 months
The talks have reached the final stage and both parties are going to close the deal soon
The size of the deal is in the range of $40-43 million
“MilkBasket’s Chief Executive Officer and co-founder Anant Goel will join Reliance whereas the other co-founders will move after the completion of the transaction
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. In the past, the company was also in talks with Amazon and BigBasket for acquisition.
Source : Entrackr