Gurgaon-based Aaidea Solutions Pvt. Ltd, which runs micro-delivery grocery startup Milkbasket, has raised US $7 million (Rs 47 crore) in a Series A funding round led by early-stage investment firm Kalaari Capital.
Singapore’s BeeNext and existing investors Unilever Ventures and Blume Ventures also participated in the round.
The company will use the funds for its supply chain and last mile logistics, to enhance customer experience, and to expand into other geographies while penetrating deeper in existing markets.
“This funding will help us to continue investing in the 3Ts that we hold close to our hearts – talent, technology and territory, and in achieving our vision to create the most convenient grocery fulfilment model for today’s busy households,” Anant Goel, Chief Executive of the Venture said.
Goel founded Milkbasket in 2015 along with Ashish Goel, Anurag Jain and Yatish Talavadia. The startup last raised funds in January this year from Unilever Ventures, which led a US $3-million round into the firm.
Vani Kola, MD of Kalaari Capital said, “A strong founding team, focus towards data-based decision-making, operational rigour, and incessant focus on customer delight, backed by a large market opportunity in the grocery space culminated into us leading a US $7M Series A round into Milkbasket.”
Prior to this, it raised capital in 2017, giving its investor Chicago-based venture capital fund and accelerator EVC Ventures an exit. The venture capital firm achieved an internal rate of return (IRR) of 200 percent on its one-year-old investment in Milkbasket when it sold its stake to early-stage venture capital firm Blume Ventures and technology major Lenovo through its venture capital arm Lenovo Capital and Incubator Group.
In April 2016, the company raised US $500,000 (Rs 3.3 crore) in a pre-Series A funding round led by Chicago-based venture capital fund and accelerator EVC Ventures. Chinese investors Peter Zou, CEO of YeahMobi, and Li Jian, founder of Zhu Dao Investments also put money in the round.