Consequently, the company plans to downsize its workforce by around 25-30% from its current number of 600 employees. According to Entrackr, this will entail reducing the size of the offline marketing, sales, and head office teams.
According to an anonymous source, Milkbasket has requested most of its employees to resign and look for new job opportunities in the next few weeks.
Reliance may launch Jio Smart Daily
Reliance is expected to launch a new platform called ‘Jio Smart Daily’ and discontinue the Milkbasket brand following this move.
At this time, a final decision has not been made. However, it is anticipated that the Milkbasket brand will remain in existence for the foreseeable future.
The remaining members of the MilkBasket team are expected to join Jio Smart. The operations team of Milkbasket will merge with Reliance Stores and Bazaar as per the source. While Reliance Retail aims to find suitable positions for Milkbasket’s employees across their group of companies, this exercise will likely impact several hundred staff members.
According to a source, the integration process has been ongoing for a while, and a number of Jio Mart executives have also joined the company.
Last year, Reliance announced its acquisition of Milkbasket. Following the acquisition, Reliance assisted Milkbasket in expanding to 30 cities across India, although the company primarily operated in the Delhi-NCR region before the acquisition.
Milkbasket has experienced changes in its top and mid-level functions over the last three to four months. Following the integration with JioMart, Yatish Talvadia, the company’s co-founder, along with Chief Operating Officer Abhinav Imandi and Chief Financial Officer Gaurav Srivastava, have departed from Milkbasket.
Milkbasket is a direct competitor of BB Daily, a subscription-based delivery service backed by Tata and a part of BigBasket‘s B2C division. BB Daily reported an 89% increase in net loss for the fiscal year ending in March 2023.
