World’s first micro-daily-delivery service and one of India’s biggest grocery delivery startups, Milkbasket today announced that the company has achieved profitability in the city of Gurgaon – its largest customer base and contributing ~50 percent of the monthly revenue.
“Milkbasket’s contrarian model has been a mystery to many with individuals going to the limit of discrediting our unit economics and how they will behave at scale! This puts an end to it all. We are profitable in Gurgaon and other cities shall follow soon,” commented Anant Goel, Co-founder, and CEO of Milkbasket.
Milkbasket caters to the grocery needs of over 150k households daily in Gurgaon, NOIDA, Delhi & Bangalore and delivers around 75,000 orders every day before 7 am. The company has a fulfillment rate of 99.6 percent and has a daily revenue of over INR 1 crore.
Goel further said, “This is a culmination of sheer passion, focus and discipline by the Team Milkbasket, lots and lots of love from our customers and huge trust placed in us by our investors. I’m further glad to share that this is in line with our aim to achieve overall business profitability in CY20. We are getting there sooner than later!’
Currently, the company offers delivery of over 9,000 products ranging from entire household grocery, dairy, fruits and vegetable categories. Milk, the anchor offering of Milkbasket, now contributes less than 25 percent of total sales – the second largest category, with FMCG being the largest category at ~35 percent and fruits and vegetables being the third-largest at approx 20 percent.
Milkbasket is a household name for all milk, meat and vegetable & fruits daily delivery. The company’s recently launched meat and in-hand delivery has received an encouraging response. Founded in 2015 by Anant Goel, Ashish Goel, Anurag Jain, and Yatish Talvadia, Milkbasket has raised US$28.2 million from Mayfield India, Beenext, Kalaari Capital, Unilever Ventures, Lenovo Capital, Blume Ventures and Innoven Capital.