Milkbasket was valued over Rs 250 crore in 2020. Now Reliance Retail, guardian firm of Milkbasket, might pull the plug on the startup as the corporate is about to launch a brand new Jio Smart Daily platform, experiences Entrackr.
Mukesh Ambani is the richest Indian and he’s identified for his enterprise abilities and funding. He manages India’s most precious firm, Reliance Industries, which has a Rs 17.69 trillion market cap. Apart from this, he’s additionally the proprietor of many standard Indian startups that additionally contains Milkbasket, which is able to reportedly be phased out quickly. For those that have no idea, Milkbasket is a subscription-based grocery offering startup that was launched in 2015. Mukesh Ambani acquired greater than 96% stake within the firm in 2021 by paying an undisclosed quantity. As per Tracxn, Milkbasket was valued over Rs 250 crore in 2020. Now Reliance Retail, guardian firm of Milkbasket, might pull the plug on the startup as the corporate is about to launch a brand new Jio Smart Daily platform, experiences Entrackr.
The report by Entrackr additionally claims that Milkbasket will even possible hearth two-thirds of its whole 600 staff which incorporates offline advertising and marketing, gross sales and head workplace crew. The staff who will survive the layoff are anticipated to develop into a part of Jio Smart. Milkbasket’s operations crew will possible merge with Reliance Stores.
Milkbasket serves within the B2C area in Delhi-NCR, Hyderabad, Bangalore, Gurgaon, Noida, Greater Noida, and extra. Country Delight and Daily Ninja are the important thing rivals of Milkbasket within the nation proper now
