Milkbasket has closed a fresh round of investment led by Inflection Point Ventures with existing investors for US$ 5.5 million, as it continues to grow its operations across India and maintain its market leader position in the daily grocery delivery space.
Inflection Point Ventures has emerged as the only angel platform in India to lead a Series B round in a startup. The angel platform, started in 2018, has been investing in startups across high potential sectors like health tech, delivery, ed tech and telemedicine at rational valuations.
Vinay Bansal, Founder CEO, Inflection Point Ventures, says, “We believe that Milkbasket has a unique customer-centric model and enjoys a very high degree of loyalty from its customers. Their understanding and application of technology which helps them execute single day deliveries and even accept orders till midnight gives them an edge over other players operating in the same category. Additionally, Milkbasket has a very lean delivery model using the milk-run concept that enables them to run a very efficient and cost-effective supply chain. This will help them become profitable very soon and first among the various competitive players in the market.”
Milkbasket has demonstrated exponential growth to achieve a market leader position in the daily e-grocery industry. With advanced and deep technology across the full-stack supply chain from sourcing to last-mile delivery, Milkbasket today serves over 130,000 households and fulfills an entire household needs with 9,000+ products across fruits & vegetables, dairy, bakery and all other FMCG categories. It is currently operating in Gurugram, Noida, Dwarka, Ghaziabad, Hyderabad and Bengaluru.
Anant Goel, Co-Founder, CEO, Milkbasket, says, “This is probably our last fund raise on our path to profitability – that we target to achieve in 2020. Our Gurugram, Noida and Bengaluru operations are already breaking even with other cities on an accelerated track. These funds will provide a further boost in our efforts to achieve the same and necessary buffers to deal with any eventualities.”