Grocery delivery startup Milkbasket has closed a fresh round of investment led by Inflection Point Ventures, along with existing investors for $ 5.5 million, as it continues to grow its operations across India. Existing investors include Blume Ventures, Kalaari Capital, Mayfield India, Unilever Ventures and BeeNext.
Milkbasket currently serves over 130,000 households with 9000+ products across fruits & vegetables, dairy, bakery and all other FMCG categories. It is currently operating in Gurgaon, Noida, Dwarka, Ghaziabad, Hyderabad and Bangalore.
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 Gurgaon, Noida and Bangalore 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.”
The company said in a statement that Inflection Point Ventures has emerged as the only angel platform in India to lead a Series B round in a startup.
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."
Since the lockdown began, the company says that it has been at the forefront, serving families with essential food and household items. The company also launched services like MbBulk and SCO (Senior Citizens Only) Helpline across multiple cities to help people sustain the lockdown without venturing out for groceries.