Mukesh Ambani, the wealthiest individual in India, is renowned for his exceptional business acumen and investment ventures. He oversees the operations of Reliance Industries, the most valuable company in India with a staggering market cap of Rs 17.69 trillion. Apart from Reliance Industries, he also holds ownership in several prominent Indian startups, one of which is Milkbasket, a subscription-based grocery provider launched in 2015.
In 2021, Mukesh Ambani acquired over 96% stake in Milkbasket, marking a significant move to expand his business portfolio. However, recent reports suggest that Milkbasket’s future might be uncertain as Reliance Retail, the parent company of Milkbasket, is gearing up to launch a new platform called Jio Smart Daily.
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The introduction of the Jio Smart Daily platform has led to concerns about the overlap of services between Milkbasket and JioMart, a part of the Reliance conglomerate. As a result, some roles within Milkbasket may become redundant due to the integration process. The company now faces the task of reallocating resources, with employees having to explore new opportunities either within the Reliance group or externally.
Presently, Milkbasket operates in the B2C space, serving customers in Delhi-NCR, Hyderabad, Bangalore, Gurgaon, Noida, Greater Noida, and other locations. The company boasts a workforce of around 600 employees, which includes teams engaged in offline marketing, sales, and head office functions.
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