Companies

Sachin Bansal’s BACQ grants Rs 20 crore debt to Milkbasket

PTI New Delhi | Updated on April 29, 2019 Published on April 29, 2019

Sachin Bansal. File photo

The company expects to grow business by five times in next fiscal year at current growth rate

E-commerce marketplace Flipkart founder Sachin Bansal’s firm BACQ has granted Rs 20 crore debt to daily grocery delivery service Milkbasket for a period of three years.

“We are excited to have Sachin Bansal and BACQ on board. We have raised venture debt of Rs 20 crore for period of three years from BACQ,” Anant Goel, Co-founder and Chief Executive Officer (CEO) of Milkbasket said.

Milkbasket has raised close to $16 million (about Rs 111 crore) from Mayfield Advisors, Beenext, Kalaari Capital, Unilever Ventures, Lenovo and Blume Ventures. It recently acquired Veggie India to further deepen its footprints in Delhi-NCR.

“The debt will be used for investment in automation. We will also use it to facilitate our expansion in two more cities,” Goel said.

The company expects to grow business by five times in next fiscal year at current growth rate.

Launched in 2015, Milkbasket delivers groceries, including branded milk, fruits and vegetables, in Noida, Bengaluru and Gurugram.

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Published on April 29, 2019
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