[Funding alert] Milkbasket adds $10.5 M to its cart led by Unilever Ventures, others
After raising Rs 20 crore from Sachin Bansal's family office BACQ ventures, Milkbasket has now raised additional funding of $10.5 million, led by Unilever Ventures. The round also saw participation from Mayfield India, Kalaari Capital, Blume Ventures, and a few Indian family offices.
Speaking of the funding, Anant Goel, Co-founder and CEO, Milkbasket said:
“Having cracked the code of sustainable online grocery model by creating world’s first daily micro delivery supply chain, Milkbasket is proud to be serving over 100,000 households today. While the industry is witnessing a number of players adopting our model, this funding, our largest fund infusion till date, is a testament to our robust execution, the team and continued trust of our investors in the growth of Milkbasket.”
The team claims that currently more than 70 percent of its revenues come from non-milk grocery products. The team 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.
Anant added, “We are steadily and surely moving towards our goal of achieving $1 billion annual recurring revenue (ARR) in 2021. Together with investing in talent and geographic expansion, Milkbasket continues to invest in customer centric innovation, and this funding will help us focus on all the three areas to build a national market leader in online grocery.”
Founded in 2015 by Anant Goel, Ashish Goel, Anurag Jain, and Yatish Talvadia, Milkbasket wants to replace your local kirana store. It had earlier raised close to $16 million from Mayfield Advisors, Beenext, Kalaari Capital, Unilever Ventures, Lenovo, and Blume Ventures.
The platform lets you add items to your shopping cart between 7 am and midnight, and are delivered to you the next morning. And 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.
The hyperlocal delivery space is heating up again. Bengaluru already has DailyNinja, which raised $4.5 million in funding in October 2018. The company claims to deliver close to 25,000 households every day, clocking over 7.5 lakh orders every month. By December 2018, the number had grown to over 55,000. There is also Doodhwala competing in the space, which is seeing fast growth.