[Funding alert] Milkbasket raises Rs 15 Cr from InnoVen Capital, closes Series B round
Gurugram-based hyper local milk delivery startup Milkbasket has raised Rs 15 crore (close to $2.1 million) from InnoVen Capital. With this, the company has announced the close of its $12.7 million Series B round.
With the investment, the company aims to grow its operations across India, and maintain its marketshare in the daily grocery delivery space.
Led by Unilever Ventures, the Series B investment of $10.5 million saw participation from Mayfield India, Kalaari Capital, Blume Ventures, and a few Indian family offices and the recent investment by InnoVen Capital, said a statement released by the company.
Commenting on the investment, Anand Goel, Co-founder and CEO, Milkbasket said,
“The fresh investment positions us firmly for continued growth, and we will be investing substantially in geographical expansion, new technological advancements and hiring through the year. This is a testament to our proven pioneering model and a solid team that is transforming everyday lives of urban households in India.”
Founded in 2015 by Anant Goel, Ashish Goel, Anurag Jain, and Yatish Talvadia, Milkbasket delivers milk to households everyday. Its technology platform enables frequent and frictionless buying with features like one-click buying, no checkout, and contactless delivery.
The company currently operates in Bengaluru, Gurugram, Delhi, Noida, and Ghaziabad. It claims to serve over 100,000 households today.
“We have known Anant and the Milkbasket team for some time, and have been impressed with their growth, backed by solid execution. The micro-delivery space is a large addressable market, offering real convenience to customers for their daily requirements. The model inherently has high customer stickiness and potential to increase the basket size over time,” said Ashish Sharma, CEO, InnoVen Capital.
Milkbasket has till date raised around $26 million in equity funding from Mayfield, Beenext, Kalaari Capital, Unilever Ventures, Lenovo Capital (LCIH), Blume Ventures, and few family offices.
According to the company, it is aiming to become the default mom and pop shop for over a million households by 2021.