New Delhi, August 18: In order to make a strong e-commerce influence, Reliance Industries Limited (RIL) is in discussions to but milk delivery platform Milkbasket and online furniture brand Urban ladder to compete with e-commerce giants Amazon and Walmart-owned Flipkart, said a report by Times of India. TikTok-Reliance Jio Deal: Chinese Video Sharing App's Owner ByteDance May Sell India Business to Mukesh Ambani-led Company, Says Report.

The report suggests that Mukesh Ambani's RIL's talks with Urban Ladder is going on for months and currently at an advanced stage. Urban Ladder could be acquired for around USD 30 million with further infusion in the business and earn-out for the management team. Amazon-Reliance Deal: Jeff Bezos-Led Company In Talks to Buy 9.9% Stake in JioMart, Says Report.

Milkbasket was earlier in talks with Amazon India and Bigbasket. However, the talks were not productive due to valuation mismatch. "They (Milkbasket) are negotiating for a better valuation than previous suitors and are thus in discussions with RIL. The recent capital infusion of $5 million has bought them extra time,” one of the sources told the daily.

It is worth mentioning that RIL is already in talks to acquire online pharmacy startup Netmeds and lingerie retailer Zivame. With the COVID-19 pandemic, e-commerce services have picked up the pace.

(The above story first appeared on LatestLY on Aug 18, 2020 02:06 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).