Grocery Delivery Startup ‘Milkbasket’ Invests 10 crore to Scale up the Business
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Milkbasket has raised $10.5 million in a funding round led by Unilever Ventures
Milkbasket announced to invest $1.4 million in scaling up fresh fruits and vegetables
Milkbasket will follow to invest remarkably to set up a strong processing and distribution network
Grocery and milk delivery startup ‘MilkBasket’ has raised $10.5 million in a funding round led by Unilever Ventures. However, on Tuesday, the startup made an announcement to invest $1.4 million (INR 10 crore) in scaling up its fresh fruits and vegetable category as it targets to start ten more fresh collection centres across the country.
One of company’s spokesperson said, “Milkbasket’s target is building ten more scouring centres in villages to publicise right farming practices for greater quality production, conserve the cold chain to alleviate the food wastage and maintain the nutritional value of yield.”
In addition, direct farm sourcing combined with direct sales to consumers outcomes in cost-effectiveness and no margin leakage to agents, middlemen or other business-to-business players, company added.
“After the success of Bakhtawarpur centre in capital Delhi which generates fresh produce from more than 20 villages across the city. Milkbasket has chosen cities such as villages in Bangalore, Uttar Pradesh, Nashik, Haryana, Hyderabad, and Himachal Pradesh for the new wave.”
Anant Goel, CEO & Co-founder, Milkbasket said that the company will follow to invest remarkably to set up a strong processing and distribution network within the next year.
Also, Milkbasket has partnered up with the numerous farmers’ producers organisations (FPOs) across India to source straight from states such as Gujarat, Bihar, Himachal Pradesh, and Uttar Pradesh.
The company also targets to get into contract farming as the company feels that contract farming done right can be very profitable for both the stakeholders.
“The company is in conversation with numerous agronomists and farming professionals to help farmers develop defensible agricultural systems by technical knowledge transfer.”
What is Milkbasket?
MilkBasket is a Gurugram-based hyperlocal delivery application launched in 2015. The grocery and milk startup was founded by Ashish Goel, Anant Goel, Anuraj Jain, and Yatish Talvadi. The web and mobile-based application allow users to buy milk, eggs, bread, yoghurt, fruits, vegetable, and grocery. Milkbasket is India’s first subscription-based micro-delivery service provider, which fulfils users daily dairy essentials and household needs.
The micro-delivery startup made its first acquisition by recently buying a Noida-based startup Veggie India for an undisclosed amount. Veggie India is one of the leading online grocery application in Delhi NCR. The founder Jainendra Upadhyay and Shailendra Upadhyay also their employees will be joining the Venture. The one-year-old startup mainly delivers vegetables and fruits.
“The acquisition is in line with our development plans for this year and adds further heighten and distribution capacity to the current business,” said Anant Goel. CEO Goel also mentioned the ‘Aggressive growth plan’. In India, grocery and household delivery startups have been competing for leading in their sectors. And the Veggie India acquisition takes place when the market is high, other major players such as Grofers and BigBasket is grasping their game as food tech giant Swiggy gets in the grocery delivery game.
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