The Bengaluru-based online grocery firm, BigBasket is reportedly in discussions to buy micro-delivery business, Milkbasket and hyperlocal delivery firm, DailyNinja.
Milkbasket has also held discussions with other players like Swiggy, Amazon India and hyperlocal delivery platform Dunzo, three people, who are privy to the matter, told The Times of India.
Milkbasket might be valued significantly below INR 112 crore one of the above sources told the cited media agency.
According to the cited sources, both the business deals will be distress sales and majority stock acquisitions. The transactions will certainly be performed by swapping shares, pegging at BigBasket over $1.2 billion that the company valued in the latest funding round, which was held in the previous year.
The Gurugram-based company, MilkBasket like other companies has immensely focused on milk delivery as its initial service and simultaneously, tried selling non-dairy items as well. Augmenting the services was one of its strategies to increase its profits. It has been receiving 40k-50k deliveries a day and is noticing upward plunge in the customers orders.
The acquisition of the Hyderabad-based company, DailyNinja is close to completion with teams of Matrix Partners and Sequoia working out of BigBaskets edifices, according to the cited media report.