Milkbasket, a Gurugram-based micro-delivery startup fulfilling daily grocery and household needs of customers, announced that it has raised $5.5 million in funding led by Inflection Point Ventures.
Existing investors also participated in the current funding round. Till now the startup has raised over $38 million in funding.
Founded in 2015 by Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia, the startup delivers groceries to over 130,000 households in cities including Gurgaon, Noida, Dwarka, Ghaziabad, Hyderabad and Bangalore, it said in a statement.
“This is probably our last fundraise on our path to profitability – that we target to achieve in 2020. Our Gurgaon, Noida and Bangalore operations are already breaking even with other cities on an accelerated track,” said Anant Goel, Co-Founder and CEO at Milkbasket. “These funds will provide a further boost in our efforts to achieve the same and necessary buffers to deal with any eventualities.”
Vinay Bansal, founder and CEO of 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.”
Milkbasket is India’s first and largest daily micro-delivery service. Built on the unique Indian habit of getting fresh milk delivered at home every morning, Milkbasket is today fulfilling the entire grocery needs of a household everyday before 7:00 a.m.
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