Milkbasket raises $5.5 m in round led by Inflection Point Ventures

Our Bureau Bengaluru | Updated on June 22, 2020

Grocery delivery start-up Milkbasket has closed a fresh round of investment led by Inflection Point Ventures along with existing investors for $5.5 million, as it continues to grow its operations across India.

“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,” said Vinay Bansal, founder CEO of Inflection Point Ventures.

Milkbasket has advanced and deep technology across the full-stack supply chain from sourcing to last-mile delivery, and today serves over 1,30,000 households and fulfils an entire household’s needs with 9,000+ products across fruits and vegetables, dairy, bakery and all other FMCG categories. It is currently operating in Gurgaon, Noida, Dwarka, Ghaziabad, Hyderabad and Bengaluru.

A pioneer in contactless delivery, with over 3,00,00,000 orders delivered till date, Milkbasket claims to to be the market leader in the daily e-grocery delivery space. The company has built a new-age technology platform to enable frequent and frictionless buying with unique features like contactless delivery, one-click buying, and no checkout — all a first in the e-commerce industry, it claims.

Anant Goel, co-founder and CEO, Milkbasket, said: “This is probably our last fund-raise on our path to profitability — that we target to achieve in 2020. Our Gurgaon, Noida and Bengaluru operations are already breaking even with other cities on an accelerated track. These funds will provide a further boost in our efforts to achieve the same and necessary buffers to deal with any eventualities.”

Published on June 22, 2020

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