Gurugram-based Grocery and milk delivery startup, Milkbasket, has just announced the successful closure of $7 million in Series A funding led by Kalaari Capital with participation from Singapore based BeeNext and its existing investors, Unilever Ventures and Blume Ventures.
Started in early 2015, Milkbasket revolutionized the online grocery space by introducing an early morning, contactless, micro-delivery model akin to the prevalent newspaper and milk supply chain models in India. Starting with milk and breakfast products, Milkbasket today fulfills the entire grocery needs of a household with a reach of over 40,000 households in 180+ communities in Gurgaon.
Commenting on the investment, Vani Kola, MD at Kalaari Capital said, “Strong founding team, focus towards data-based decision making, operational rigor, and incessant focus on customer delight, backed by a large market opportunity in the grocery space culminated into us leading a $7M Series A round into Milkbasket.”
The company is going to use these funds for further innovations in supply chain efficiencies and last mile logistics, creation of unique customer propositions and delivering exceptional customer experience, and expand into other geographies while penetrating deeper in existing communities.
Founded by INSEAD alumnus Anant Goel with his co-founders Ashish Goel, Anurag Jain and Yatish Talvadia, Milkbasket operates with a full stack in-house supply chain model, achieved positive unit economics within first six months of inception and have introduced industry’s first flexi ordering till midnight, delivery by 7:00 am, no minimum order and free delivery model.
Speaking on the funding, Anant Goel, CEO at Milkbasket said, “We are very excited to have Kalaari and BeeNext join us in the journey to crack the online grocery space in a sustainable manner. This funding will help us to continue investing in the 3Ts that we hold close to our hearts - talent, technology and territory, and in achieving our vision to create the most convenient grocery fulfilment model for today’s busy households.”
The latest round brings the company's total funding to $10 million. The company closed FY18 with Rs 35 crore in revenue.