29 April 2019, India:
Milkbasket has raised ₹20 crore in debt funding from Sachin Bansal’s firm BAC Acquisitions (BACQ).
The company will use the fresh capital to meet its capital expenditure needs and drive research and development.
“We are excited to have Sachin Bansal and BACQ on our board. Milkbasket is now working on the next set of innovations to further consolidate its market leader position across it’s fresh (fruit & vegetables) offering, automating the daily delivery supply chain and reducing go to market time for multi-city expansion. These funds would provide us the needed CAPEX and R&D investments in all the three domains,” said Anant Goel, co-founder and CEO, Milkbasket.
With the latest funding, Milkbasket has raised around $16 million so far. Mayfield Advisors, Beenext, Kalaari Capital, Unilever Ventures, Lenovo and Blume Ventures have invested in the company..
Milkbasket was founded by Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia in 2015. The company started off by delivering fresh milk to customers every morning.
The company’s vision is to become the default mom and pop shop for over a million households by 2021. It currently operates in Gurugram, Noida, Ghaziabad and Bengaluru.