UditMilkbasket, a Bangalore based grocery delivery startup, has now secured a fresh funding round of $5.5 million backed by the Inflection Point Ventures with participation from existing investors.
Inflection Point Ventures claims to have emerged as the only angel platform in India to lead a Series B round in a startup.
The company was founded in 2018; the angel platform has been investing in startups across the sectors like edtech, delivery, health tech, and telemedicine at rational valuations.
Vinay Bansal, Founder and CEO, Inflection Point Ventures, said,
“We believe that Milkbasket has a unique customer-centric model and enjoys a very high degree of loyalty from its customers. Their understanding and application of technology which helps them execute single-day deliveries and even accept orders till midnight gives them an edge over other players operating in the same category.”
“Additionally, Milkbasket has a very lean delivery model using the milk-run concept that enables them to run a very efficient and cost-effective supply chain. This will help them become profitable very soon and first among the various competitive players in the market,” Vinay further added.
Anant Goel, Co-founder and CEO, Milkbasket, said,
“This is probably our last fund-raise on our path to profitability – that we aim to achieve in 2020. Our Gurgaon, Noida, and Bengaluru operations are already breaking even with other cities on an accelerated track. These funds will provide a further boost in our efforts to achieve the same and necessary buffers to deal with any eventualities.”