Milkbasket, India’s first and largest daily top-up grocery delivery service, has announced an additional infusion of US$ 7 million to its Series A funding, led by Mayfield Advisors, a US-based venture capital firm. The round brings Milkbasket’s total Series A funding to $14 million, and includes participation from existing investors, Kalaari Capital, BeeNext, Unilever Ventures and Blume Ventures.
“We are excited to support the Milkbasket team in chasing their impressive mission of making grocery delivery as hassle free as possible. Regarded as the future of the industry, the company’s pioneering model has reinvented everyday lives of its customers.” said Nikhil Khattau, MD, Mayfield India.
“Grocery delivery industry in India is a specialist play, and Milkbasket’s demonstrated expertise, and acceptability makes us confident about the company’s exceptional growth potential.” Khattau added.
According to industry estimates, grocery retail constitutes over 60 percent of the country’s total retail market, pegged currently at over US$ 400 billion and growing at a CAGR in excess of 15 percent annually.
“In 2015, Milkbasket was created as India’s first micro-delivery service for today’s busy households to fulfill their grocery needs – by eliminating the hassles associated with the traditional offline and online grocery buying. We have since delivered over 5 Million orders and are proud to make a positive impact in the lives of over 50,000 families.” said Anant Goel, Co-founder & CEO at Milkbasket.
“The backing from Mayfield validates our model and acknowledges the scale of our ambition. The funding will accelerate our goal of making Milkbasket synonymous to grocery delivery, nationally. The funds will also enable us in investing adequately in developing the technology and hiring for the next growth phase.” Goel added.
The incoming institutional investors have also bought certain shares from Milkbasket’s existing investors.
This is the 3rd investment round announced by the startup in 2018. It announced a Series A fund raise led by Kalaari Capital in May this year. In January, it announced a pre-Series A investment by Unilever Ventures, Blume Ventures and Lenovo Capital.
With its user base across Gurgaon and Noida, Milkbasket today caters to over 600 communities across the two cities. Milkbasket differentiates itself by having created a bespoke and fully integrated in-house supply chain from sourcing to last mile delivery – and hence owning the entire customer life cycle experience.
With the new financing, Milkbasket aims to acquire fresh talent pool, continue to invest in technology and expand in new territories in the country.