19 December 2018, India:
Daily top-up grocery delivery service Milkbasket today announced an additional infusion of $7 million to its Series A funding, led by US-based venture capital firm Mayfield Advisors.
The startup will use the fresh capital to acquire fresh talent pool, continue to invest in technology and expand in new territories in the country.
The round brings Milkbasket’s total Series A funding to $14 million, and includes participation from existing investors, Kalaari Capital, BeeNext, Unilever Ventures and Blume Ventures.
The incoming institutional investors have also bought certain shares from Milkbasket’s existing investors.
Nikhil Khattau, MD, Mayfield India said, “We are excited to support the Milkbasket team in chasing their impressive mission of making grocery delivery as hassle free as possible. Regarded as the future of the industry, the company’s pioneering model has reinvented everyday lives of its customers.”
Nikhil Khattau added, “Grocery delivery industry in India is a specialist play, and Milkbasket’s demonstrated expertise, and acceptability makes us confident about the company’s exceptional growth potential.”
Anant Goel, Co-founder & CEO at Milkbasket, said, “In 2015, Milkbasket was created as India’s first micro-delivery service for today’s busy households to fulfill their grocery needs – by eliminating the hassles associated with the traditional offline and online grocery buying. We have since delivered over 5 Million orders and are proud to make a positive impact in the lives of over 50,000 families.”
Anant Goel added, “The backing from Mayfield validates our model and acknowledges the scale of our ambition. The funding will accelerate our goal of making Milkbasket synonymous to grocery delivery, nationally. The funds will also enable us in investing adequately in developing the technology and hiring for the next growth phase.”
This is the 3rd investment round announced by the startup in 2018. It announced a Series A fund raise led by Kalaari Capital in May this year. In January, it announced a pre-Series A investment by Unilever Ventures, Blume Ventures and Lenovo Capital.
Milkbasket was founded by Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia. The startup operates in Gurgaon and Noida. The startup has built a new age technology platform to enable frequent and frictionless buying with features like one-click buying, no checkout and contactless delivery.
(Image – Milkbasket)