Milkbasket to cut 130 jobs in restructuring exercise under Reliance Retail

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At least 130 employees of Milkbasket, the startup owned by Reliance Retail, are set to lose their jobs as part of a restructuring exercise, according to sources. The impact will be felt across various teams, including tech, product, category, procurement, and marketing.

Impacted Employees Informed over Last Two Months

Milkbasket informed the affected employees about the development for the past two months. They advised these employees to explore other job opportunities. The reason cited for the decision was role redundancy. The impacted employees will receive compensation based on their notice periods.

Milkbasket- Restructuring to Enhance Efficiency and Integration with JioMart

Milkbasket’s restructuring aligns with its efforts to integrate with JioMart, aiming to improve efficiency in the coming months. Additionally, the startup is reportedly working on a new business model and may undergo rebranding.

Acquisition by Reliance Retail and Potential Absorption of Employees

Reliance Retail Venture Ltd, the retail arm of Reliance Industries Ltd (RIL), acquired a 96.49% stake in Aaidea Solutions Private Limited, the parent company of Milkbasket, in 2021. Some of the impacted employees may find opportunities in other verticals of Reliance Retail, as per sources.

Milkbasket- Financial Performance and Recent Executives’ Exit

Milkbasket, founded in 2015, offers household grocery deliveries, including fruits, vegetables, dairy, and bakery products. Before its acquisition by Reliance Retail, the startup raised $38.5 million in funding from investors like Kalaari Capital, Innoven Capital, and Unilever Ventures. The restructuring comes after the exit of top executives, including the CEO, CFO, and COO. In FY22, the startup’s revenue from operations declined, while its net loss increased significantly. Despite Milkbasket’s expansion to over 30 cities, its recent financial performance was not mentioned in Reliance Retail’s Q1 FY24 presentation or earnings call with analysts.

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Milkbasket to cut 130 jobs in restructuring exercise under Reliance Retail

At least 130 employees of Milkbasket, the startup owned by Reliance Retail, are set to lose their jobs as part of a restructuring exercise, according to sources. The impact will be felt across various teams, including tech, product, category, procurement, and marketing.

Impacted Employees Informed over Last Two Months

Milkbasket informed the affected employees about the development for the past two months. They advised these employees to explore other job opportunities. The reason cited for the decision was role redundancy. The impacted employees will receive compensation based on their notice periods.

Milkbasket- Restructuring to Enhance Efficiency and Integration with JioMart

Milkbasket’s restructuring aligns with its efforts to integrate with JioMart, aiming to improve efficiency in the coming months. Additionally, the startup is reportedly working on a new business model and may undergo rebranding.

Acquisition by Reliance Retail and Potential Absorption of Employees

Reliance Retail Venture Ltd, the retail arm of Reliance Industries Ltd (RIL), acquired a 96.49% stake in Aaidea Solutions Private Limited, the parent company of Milkbasket, in 2021. Some of the impacted employees may find opportunities in other verticals of Reliance Retail, as per sources.

Milkbasket- Financial Performance and Recent Executives’ Exit

Milkbasket, founded in 2015, offers household grocery deliveries, including fruits, vegetables, dairy, and bakery products. Before its acquisition by Reliance Retail, the startup raised $38.5 million in funding from investors like Kalaari Capital, Innoven Capital, and Unilever Ventures. The restructuring comes after the exit of top executives, including the CEO, CFO, and COO. In FY22, the startup’s revenue from operations declined, while its net loss increased significantly. Despite Milkbasket’s expansion to over 30 cities, its recent financial performance was not mentioned in Reliance Retail’s Q1 FY24 presentation or earnings call with analysts.

Also read The Latest News:
India AI and Meta sign MoU for collaboration in AI and emerging technologies

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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