22 May 2018, India:
Milkbasket has raised $7 million in series A round of funding. The funding round was led by Kalaari Capital. BeeNext and existing investors Blumve Ventures and Unilever Ventures also participated in the funding round.
The fresh capital will be used by Milkbasket for further innovations in supply chain efficiencies and last mile logistics, creation of unique customer propositions and delivering exceptional customer experience, and expand into other geographies while penetrating deeper in existing communities.
“Strong founding team, focus towards data-based decision making, operational rigor, and incessant focus on customer delight, backed by a large market opportunity in the grocery space culminated into us leading a $7M Series A round into Milkbasket,” said Vani Kola, MD at Kalaari Capital.
“We are very excited to have Kalaari and BeeNext join us in the journey to crack the online grocery space in a sustainable manner. This funding will help us to continue investing in the 3Ts that we hold close to our hearts – talent, technology and territory, and in achieving our vision to create the most convenient grocery fulfilment model for today’s busy households,” said Anant Goel, CEO at Milkbasket.
Teruhide Sato, Founder of BeeNext said, “Our investment in Milkbasket provides us with meaningful participation in one of the fastest growing e-grocery markets globally. We are excited to partner with one of India’s best grocery delivery platforms and believe that this investment will accelerate their ability to build scale in India.”
Teruhide added, “Three unique attributes of Milkbasket that impressed us were; a great founder with a solid team and great execution; a user-friendly service suitable for Indian local habits; and highly frequent consumer touch points. Milkbasket instigates a sense of community among users, and there is no doubt that they will become the daily habit of India in a few year.”
Milkbasket has raised $3 million in Pre-Series A round of funding from Unilever Ventures in January 2018.
Milkbasket was founded by Anant Goel, Ashish Goel, Anurag Jain, and Yatish Talvadia in 2015. It is subscription based micro-delivery service fulfilling daily dairy essentials and household needs of customers every morning.
(Image – HospiBuz)