Hyperlocal delivery startup Milkbasket on Tuesday announced that it has acquired PSR SupplyChain, a popular local e-grocery store in East Bengaluru.
With this acquisition, Gurugram-based Milkbasket will now integrate all of SupplyChain's customers and its product offerings to its portfolio, to further expand its business in Bengaluru.
Founded by Nagarjuna Reddy Chagamreddy and Sai Abhishek Velukuru in 2015, PSR SupplyChain has ceased its operations as of June this year.
Anant Goel, Co-founder and CEO of Milkbasket, said,
"The acquisition of PSR SupplyChain helps us in further strengthening our customer base and offerings in Bengaluru. While we are growing phenomenally on our own, we are always on the lookout for strategic acquisitions to help us shorten our learnings in specific regions or technologies."
Earlier this year, Milkbasket acquired Noida-based Veggie India. The team also claims that more than 70 percent of its revenues come from non-milk grocery products. Milkbasket is currently present in four cities across India, and has seen a growth rate of approximately 20 percent month-on-month.
On Milkbasket, the items added to the shopping cart between 7 am and midnight on the app are delivered to customers 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
Last month, Milkbasket raised a funding of $10.5 million, led by Unilever Ventures, which also saw participation from Mayfield India, Kalaari Capital, and Blume Ventures.
Founded in early 2015 by Anant Goel, Ashish Goel, Anurag Jain, and Yatish Talvadia, the grocery startup claims to have turned its unit economics positive within the first six months of its launch. So far, Milkbasket has raised $26 million in equity funding from Mayfield India, Beenext, Kalaari Capital, Unilever Ventures, Lenovo Capital (LCIH), Blume Ventures, and $2.2 million in debt funding from Innoven Capital.
(Edited by Megha Reddy)