This latest funding is in addition to US$ 10.5 million (around Rs 72.59 crore) the company had raised earlier this month led by Unilever Ventures, with participation from Mayfield India, Kalaari Capital, Blume Ventures and few Indian family offices.
“The fresh investment positions us firmly for continued growth, and we will be investing substantially in geographical expansion, new technological advancements and hiring through the year,” Anant Goel, Co-founder and CEO, Milkbasket said in a statement.
Goel further said “this is a testament to our proven pioneering model and a solid team that is transforming everyday lives of urban households in India”.
Innoven Capital is a venture debt and lending platform providing debt capital to high growth innovative ventures primarily backed by venture capital firms. Launched in early 2015, Milkbasket has till date raised close to US$ 26 million (around Rs 180 crore) in equity funding.