Sachin Bansal's BACQ and Milkbasket decide not to proceed with Rs 20 Cr investment
In April, Gurugram-based hyperlocal delivery startup Milkbasket announced that it had raised Rs 20 crore funding from Sachin Bansal's BACQ. However, the Milkbasket team today announced that Milkbasket and BACQ have mutually decided not to proceed with the investment.
A press statement shared with YourStory said:
"Milkbasket and BACQ have mutually decided not to proceed with the investment that was announced on April 29, 2019."
The team refused to state the reason for this decision. However, sources state that there was mutual disagreement on processes and announcements. When the deal was in progress, Anant Goel, Co-founder and CEO, Milkbasket, had said the funds would provide Milkbasket the needed capex and R&D investments in all three domains.
However, all is not lost. Milkbasket earlier this week raised $10.5 million funding led by Unilever Ventures. The round also saw participation from Mayfield India, Kalaari Capital, Blume Ventures, and a few Indian family offices.
The team claims that currently more than 70 percent of its revenues come from non-milk grocery products. It also claims to have a positive unit economics. It is currently present in four cities across India, and has seen a growth rate of close to 20 percent month on month.
Founded in 2015, by Anant Goel, Ashish Goel, Anurag Jain, and Yatish Talvadia, Milkbasket wants to replace your local kirana store. It has raised close to $16 million from Mayfield Advisors, Beenext, Kalaari Capital, Unilever Ventures, Lenovo, and Blume Ventures.
The items you add to your shopping cart between 7 am and midnight on your app are delivered to you the next morning. There’s no need for a checkout or payment because the purchase is pre-paid via a mobile wallet on the app, which you can top up whenever it runs out of funds. So, every time you choose an item on the app, the order is automatically placed without the need for a traditional ‘checkout’ or payment.