In a bid to further expand its business in Bangalore, Milkbasket – India’s largest daily grocery delivery company today announced the acquisition of PSR Supply chain. Founded in 2015, PSR Supply Chain is a popular local e-grocery store, and Milkbasket has integrated the startup’s customers and offering into its portfolio. PSR Supply Chain has ceased operations as of June.
Founded by Nagarjuna Reddy Chagamreddy and Sai Abhishek Velukuru, Supply Chain had become the largest and fastest-growing distribution channel for daily grocery needs in East Bangalore. In 4 years of operations, the company had established a network of 4000+ registered customers and the last reported annual turnover of the company was over Rs 2.5 crore.
The company, PSR Supply Chain had created a niche for itself in the Bangalore market with a dedicated user base. “The acquisition of PSR Supply Chain helps us in further strengthening our customer base and offerings in Bangalore. While we are growing phenomenally on our own, we are always on the lookout for strategic acquisitions to help us shorten our learning in specific regions or technologies.,” said, Anant Goel, Co-founder, and CEO of Milkbasket.
Earlier this year, Milkbasket acquired Noida based Veggie India.
Launched in early 2015, Milkbasket is a pioneer and market leader in the daily grocery delivery space. Built on the unique Indian habit of getting fresh milk delivered at home every morning, Milkbasket (accessible on milkbasket.com, iOS, and Android) is today fulfilling the entire grocery needs of a household every day before 7:00 a.m.
The company has built a new-age technology platform to enable frequent and frictionless buying with unique features like one-click buying, no checkout and contactless delivery – all a first in the e-commerce industry – and favorites of Milkbasket customers.
Having achieved positive unit economics within the first six months of the launch, Milkbasket is the most capital-efficient model in the online grocery space as compared to its domestic and global peers. Milkbasket has raised close to $26 million in equity funding from Mayfield India, Beenext, Kalaari Capital, Unilever Ventures, Lenovo Capital (LCIH), Blume Ventures, few family offices and $2.2 million in debt funding led by Innoven Capital till date.