In the wake of its top three executives’ departure, Milkbasket, the subscription commerce firm, is gearing up to lay off approximately 25-30% of its current workforce, which totals around 600 employees. Following these developments, Reliance is set to introduce a new platform called ‘Jio Smart Daily’ and subsequently discontinue the Milkbasket brand altogether.
Milkbasket- Complete Downsizing of Offline Marketing and Sales Teams
As part of the downsizing process, Milkbasket will entirely disband its offline marketing, sales, and head office teams, according to sources familiar with the matter.
Milkbasket- Employees Encouraged to Seek Opportunities Elsewhere
Sources indicate that Milkbasket has also urged most of its employees to consider resigning and explore opportunities outside the company over the next few weeks. During this process, Reliance Retail will make efforts to accommodate some of Milkbasket’s teams across group companies, but it expects to impact several hundred staff members.
Integration into Jio Smart and Turnover in Senior Positions
According to a source, the rest of the Milkbasket team expects to merge with Jio Smart. Over the past few months, the platform has experienced significant changes in its senior and mid-level positions, including the departure of co-founder Yatish Talvadia, Chief Operating Officer Abhinav Imandi, and Chief Financial Officer Gaurav Srivastava, following the integration with JioMart.
Reliance acquired a 96.49% stake in Milkbasket in October 2021, after the company expanded to 30 cities across India with Reliance’s support. Before the acquisition, the platform mainly operated in the Delhi-NCR region and had raised around $33 million from investors like Mayfield, Unilever, Beenext, and Blume Ventures. The acquisition estimates to be in the range of $40-45 million. However, Reliance Retail has not responded to queries regarding the matter.
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