Milkbasket, which is a Gurugram-based daily micro-delivery startup, has now raised Rs 10 crore in a fresh funding round from the US-based venture capital firm Mayfield Fund.
With the latest funding, Milkbasket is likely to be valued somewhere between Rs. 161 to Rs. 168 crore. Post investment, Nikhil Khattau, Managing Director of Mayfield Fund is going to join the company board as a director.
However, neither Mayfield nor Milkbasket has confirmed the reports. Moreover, it has not been revealed whether the latest investment is a part of a larger funding round.
Founded by an INSEAD alumnus Anant Goel, along with Yatish Talavdia, Anurag Jain, and Ashish Goel in 2015, Milkbasket started by supplying fresh milk directly to homes.
It was an attempt on the part of Milkbasket to cater to the unique Indian habit of getting fresh milk delivered at home every morning. But later, the startup slowly expanded into groceries as well.
As of now, the startup is operating across Ghaziabad, Noida, and Gurgaon. It basically offers a convenient and flexible ordering system, with which consumers can not only order grocery items but also track expenses, create repeat orders, and set vacation time offs.
Apart from Milkbasket, some other major players in this segment include the Grofers, Bigbasket, DailyNinja, and Doodhwala.