Milkbasket has raised $10.5 Million (Rs. 72.8 Crore) funds from its existing investors.
Milkbasket has raised total of around $25.5 million total risk capital across three funding rounds.
Milkbasket has a customer base of over 400,000.
The micro delivery business is grabbing the online delivery market in India and this move has got a kick when Swiggy has acquired Suprdaily in an all-cash deal. Milkbasket one of the emerging players in the micro delivery market is also aggressively enhancing its business and is chasing to raise $30 Million (Rs. 200 Crore) funding round. Recently it has raised $10.5 Million (Rs. 72.8 Crore) funds from its existing investors including Mayfield Partners, Blume Ventures, Unilever, Kalaari Capital, and its various family offices.
Milkbasket is getting tough competition from its rivals who are backed by market behemoths but this fund is going to assist it a lot. Anant Goel, Co-founder and CEO Milkbasket said to BusinessLine via PTI, “This biggest fund to our company by investors is a resemblance of regular trust of our investors in the growth of the company and is also the testimony of expert work done by our team.”
Till now Milkbasket has raised around $25.5 million total risk capital across three funding rounds. The company has raised $7 million in December 2018 in Series A funding round led by Mayfield Advisors. Milkbasket had also cornered Rs 20 crore debt from Sachin Bansal’s BACQ.
Milkbasket assists customers in ordering milk and also allows customers to order from a selection of daily essentials and grocery items that get delivered to their doorstep using its own fleet every morning. According to ROC filings and record of the company, it’s growth is enhancing at a rate of seven times and its revenue has reached Rs 35 crore in Financial Year 2018. Milkbasket has a customer base of 400,000 plus and it claims that it has delivered more 10 million orders in the last 4 years. The company claims 70% revenue from its nonmilk items. The company provides it’s services in Delhi, Noida, Hyderabad, and Bengaluru and is soon to expand its services in several cities of India.
Milkbasket came into action in 2015 by Ashish Goel, Yatish Talavadia and Anurag Jain. It is currently providing its services in Bengaluru, Gurgaon Delhi, and Noida. Milkbasket has previously raised $7 Million in series A funding round led by Mayfield Advisors a US-based early-to-growth-stage venture capital firm.
When we compare Milk basket with Grofers, Bigbasket, and Amazon. It can be observed that Milkbasket maintain its identity as the online version of local mom-and-pop grocery stores but with high stock-keeping units. It offers items that are purchased in less quantity but bought various times. The company fulfills 11,000 orders per day and has over 5,000 stock-keeping units to fulfill this requirement. It has till now total raised $16 Million from Mayfield Advisors, Beenext, Lenovo, Blume Ventures, Kalaari Capital, Unilever Ventures and others.
Currently, several other startups are also concerned on milk deliveries including MilkBasket, Doodhwala, and DailyNinja. The market of milk delivery is enhancing aggressively and plenty of opportunities for these startups.
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