Chinmay Bidkar
Gurgaon 23rd August, 2017: EVC Ventures, a Chicago-based venture capital fund and accelerator, has exited from MilkBasket. This transaction gave EVC Ventures an exit of 200% IRR within a year of its investment in Milkbasket.
Founded in early 2015 by Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia, Milkbasket is a tech intensive, micro-delivery service fulfilling daily grocery and household needs of customers every morning, with a 100% in-house last mile logistics solution.
In addition to creating a recurring order for anything from milk to fresh fruits, a user can place/modify the orders till midnight for a guaranteed early morning doorstep delivery. MilkBasket had previously raised $500,000 in pre-series A led by EVC Ventures with participation from other notable investors from China and India.
Here is what EVC Ventures did to help Milkbasket:
- EVC Ventures aligned the finance, technology, sales, and marketing plans prior to making an investment.
- They assigned an Operating Partner to manage with their weekly sprints.
- EVC Ventures facilitated subsequent round of capital raise.
“It was a great experience working with the Milkbasket team. We wish them success in their future endeavors” says Anjli Jain, Managing Partner at EVC Ventures.
EVC Ventures is a Chicago-based venture capital fund. EVC Ventures also operates accelerators in the United States and India where it provides capital and mentorship to help entrepreneurs turn ideas into unicorns.