Reliance's e-commerce foray goes hyperlocal with Milkbasket deal

Bengaluru: Reliance Industries (RIL) is in the last leg of closing the acquisition of subscription-based hyperlocal grocery delivery platform Milkbasket, two sources aware of the matter said, in what seems like a distress sale. Milkbasket's existing investors have agreed to sell their stakes, the sources said, adding they would just about recover their initial capital in the Gurugram-based startup. Milkbasket has previously explored