MilkBasket Makes First Acquisition, Buys Noida-based Veggie India

Key Highlights

Milkbasket is India’s first subscription-based micro-delivery service provider

Milkbasket first acquisition by recently buying a Noida-based startup Veggie India

MilkBasket had raised $7 million as part of its series A round of funding

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, yogurt, fruits, vegetable, and grocery. Milkbasket is India’s first subscription-based micro-delivery service provider, which fulfills 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.

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“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.

The company said, “After reaching the big number within the time span of first six months of the launch, Milk Basket is the most capital efficient model in the e-grocery market than its domestic and global fellows.” MilkBasket will now have a customer base of one lakh households.

Last year, MilkBasket had raised $7 million (INR 49 crore) as part of its series A round of funding led by US-based Mayfield Advisors. The current investors such as Unilever Ventures, Kalaari Capital and Bee next Pte Ltd has also participated in the round of funding.

Mayfield Advisors is a venture capital that invests in enterprise firms which includes non-tech, tech-enabled, and technology verticals, has funded many companies such as meat startup Licious, e-food delivery platform Bo8 and education-based startup Simplilearn.

Related : Milk delivery startup Milkbasket acquires Noida based Veggie India

“In 2015, Milkbasket was founded as India’s first micro-delivery service application for fulfilling today’s busy household and grocery needs by removing the ruckus associated with the traditional offline and online services,” said Anant Goel.

In May 2018, Milkbasket had raised $7 million as a part of its Series A funding round led by India’s leading early-stage venture capital firm Kalaari Capital. The addition brought its total series A fund-raiser to $14 million. The company will utilize the funds to develop its technology infrastructure and hire new people and expanding its services to at least one major city. Beside Gurugram and Noida, Milkbasket is also looking forward to starting its operations in Mumbai, Pune or Hyderabad.

The e-grocery startup delivers orders of as minimum as Rs. 5 and claims to have crossed more than 5 million orders and proving 50,000 families and 600 communities. The biggest competitors for Milkbasket are Daily Ninja, Supr Daily, and others. After Swiggy’s arrival in the micro-delivery market, other companies are looking forward to doubling their segments. A major e-grocery firm, BigBasket is rumored to invest in DailyNinja and has also entered the segment with acquiring RainCan.

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