Grocery delivery startup Milkbasket Tuesday said it has raised an additional US$ 10.5 million (approx Rs 69.20 crore) in its latest round of funding led by Unilever Ventures, with participation from Mayfield India, Kalaari Capital, and Blume Ventures and few Indian family offices.
“While the industry is witnessing a number of players adopting our model, this funding – our largest fund infusion till date – is a testament to our robust execution, the team and continued trust of our investors in the growth of Milkbasket,” Anant Goel, Co-founder and CEO, Milkbasket said in a statement.
Milkbasket said more than 70 percent of its revenue comes from non-milk products, from the wide assortment of over 8,500 stock keeping units, and it has launched its services in four cities across India within the last six-seven months.
“We are steadily and surely moving towards our goal of achieving US$ 1 billion annual recurring revenue in 2021. Together with investing in talent and geographic expansion, Milkbasket continues to invest in customer centric innovation, and this funding will help us focus on all the three areas to build a national market leader in online grocery,” Goel added.
Launched in early 2015, Milkbasket has till date raised close to US$ 26 million (approx Rs 180 crore) in equity funding from Mayfield Advisors, Beenext, Kalaari Capital, Unilever Ventures, Lenovo Capital (LCIH), Blume Ventures and few family offices.