Milkbasket, the world’s first micro-delivery and contactless grocery delivery service, reports a profitable first quarter with positive earnings before interest, taxes, depreciation, and amortization (EBITDA). This is another first from Milkbasket in the global online grocery delivery space that has emerged as one of the most promising sectors in recent times and has seen the entry of many national and international players.
Established in 2015, Milkbasket is one of the leading innovators in the daily grocery delivery segment and prides itself for its most cost-efficient and an accurate supply chain. The startup has raised close to US$ 33 million in funding so far. It is backed by marquee investors such as Inflection Point Ventures, Kalaari Capital, Blume Ventures, Mayfield India, Beenext and Unilever Ventures.
“This achievement comes at the back of our strong technology foundation, an innovative supply chain and an exceptional consumer experience that Milkbasket has delivered to over 250,000 households in 6 cities over the last 5 years,” said Anant Goel, Co-Founder and CEO.
“Achieving self-sustenance is in line with our 2020 plans we set for ourselves late last year. This puts us in a unique position to keep growing and target an IPO over the next 2-3 years without any further capital infusion – a testament to the sheer perseverance of our team and the loyalty of our customers,” Goel further added.
Milkbasket, the inventors of micro-delivery, leads with a strategic data-driven approach has instituted innovative mechanisms to manage perishable goods, and uses machine learning to predict consumer behavior. Milkbasket is the first e-commerce platform without the ‘checkout’ option – a radical idea but something unique to them – which has helped the company to seamlessly integrate in the customer’s day-to-day routine and cater to both planned and unplanned grocery purchases.
According to Goel, Milkbasket has become the first online grocery startup in the world to become EBITDA poitive with the deployment of under US$ 30 million and clocking an ARR of over US$ 90 million. It has successfully completed over 40 million micro-deliveries till date. The company credits its exceptional operational efficiency, technology capability, focus on customer satisfaction, and exceptional user experience for the accomplishment. Presently it is operational in Gurugram, Noida, Dwarka, Ghaziabad, Hyderabad, and Bengaluru.