Delhi-based grocery delivery startup Milkbasket has raised a fresh funding of $5.5 million led by Inflection Point Ventures with participation from existing investors.
Inflection Point Ventures (IPV) claims to have emerged as the only angel platform in India to lead a Series B round in a startup. Started in 2018, the angel platform has been investing in startups across sectors like healthtech, delivery, edtech, and telemedicine at rational valuations. IPV has invested in 40+ startups till date. Last week, the firm backed citizen safety-tech platform DROR and early-stage edtech startup Edvizo.
Vinay Bansal, Founder and CEO, Inflection Point Ventures, said,
"We believe that Milkbasket has a unique customer-centric model and enjoys a very high degree of loyalty from its customers. Their understanding and application of technology which helps them execute single-day deliveries and even accept orders till midnight gives them an edge over other players operating in the same category.”
“Additionally, Milkbasket has a very lean delivery model using the milk-run concept that enables them to run a very efficient and cost-effective supply chain. This will help them become profitable very soon and first among the various competitive players in the market,” Vinay further added.
With advanced and deep technology across the full-stack supply chain from sourcing to last-mile delivery, Milkbasket claims that it today serves over 130,000 households and fulfills an entire household needs with 9,000+ products across fruits and vegetables, dairy, bakery, and all other FMCG categories. Founded in 2015 by Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia, it is currently operating in Gurgaon, Noida, Dwarka, Ghaziabad, Hyderabad, and Bengaluru.
Anant Goel, Co-founder and CEO, Milkbasket, said,
"This is probably our last fund-raise on our path to profitability – that we aim to achieve in 2020. Our Gurgaon, Noida, and Bengaluru operations are already breaking even with other cities on an accelerated track. These funds will provide a further boost in our efforts to achieve the same and necessary buffers to deal with any eventualities.”
With over 3,00,00,000 orders delivered till date, Milkbasket has built a new-age technology platform to enable buying with features like contactless delivery, one-click buying, and no checkout.
Since the lockdown began, the company has been serving families with essential food and household items. The company also launched services like MbBulk and SCO (Senior Citizens Only) helpline across multiple cities to help people sustain the lockdown without venturing out for groceries.
Milkbasket has till date raised over $38 million in equity funding from Mayfield, Beenext, Kalaari Capital, Unilever Ventures, Lenovo Capital (LCIH), Blume Ventures, and a few family offices.
(Edited by Javed Gaihlot)
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