One of India's biggest grocery delivery startup, Milkbasket has closed its Series-B round of investment of $5.5 million (over Rs 42 crores) led by Inflection Point Ventures. Existing investors, Blume Ventures, Kalaari Capital, Mayfield India, Unilever Ventures, and BeeNext also participated.
Funds raised will be used to scale up operations in other cities and accelerate Milkbasket’s path to profitability. Having demonstrated exponential growth to achieve a market leader position in the daily e-grocery industry, Anant Goel, Co-Founder, CEO, Milkbasket, says ‘This is probably our last fundraise on our path to profitability – that we target to achieve in 2020. Our Gurgaon, Noida, and Bangalore operations are already breaking even with other cities on an accelerated track. These funds will provide a further boost in our efforts to achieve the same and necessary buffers to deal with any eventualities.’
With over 3 crore orders delivered to date, Milkbasket is a market leader in the daily grocery delivery space. The company has built a new-age technology platform to enable frequent and frictionless buying with unique features like contactless delivery, one-click buying, and no checkout - all a first in the e-commerce industry.
The company also launched services like MbBulk and SCO (Senior Citizens Only) Helpline across multiple cities to help people sustain the lockdown without venturing out for groceries. Senior citizen grocery helpline was launched to help the elderly who didn't have their sons and daughters with them and were particularly at risk due to the outbreak. Milkbasket staff wears masks and gloves at all times and undergoes daily symptom assessment tests.
Inflection Point Ventures has emerged as the only angel platform in India to lead a Series-B round in a startup. The angel platform started in 2018, has been investing in startups across high potential sectors like health tech, delivery, ed-tech, and telemedicine.
Vinay Bansal, Founder CEO, Inflection Point Ventures, says, ‘We believe that Milkbasket has a unique customer-centric model and enjoys a very high degree of loyalty from its customers. Their understanding and application of technology which helps them execute single day deliveries and even accept orders till midnight gives them an edge over other players operating in the same category. Additionally, Milkbasket has a very lean delivery model using the milk-run concept that enables them to run a very efficient and cost-effective supply chain. This will help them become profitable very soon and first among the various competitive players in the market.’
With advanced and deep technology across the full-stack supply chain from sourcing to last-mile delivery, Milkbasket today serves over 130,000 households and fulfills an entire household needs with 9000+ products across fruits & vegetables, dairy, bakery and all other FMCG categories. It is currently operating in Gurgaon, Noida, Dwarka, Ghaziabad, Hyderabad, and Bangalore.
Founded in 2015 by Anant Goel, Ashish Goel, Anurag Jain, and Yatish Talvadia, Milkbasket's aim is to become the default mom & pop shop for over a million households by 2021.
First Published: Jun 21, 2020 5:37 PM IST