Milkbasket, contactless delivery service and a grocery delivery startup announced a fresh round of funding of $5.5million led by Inflection Point Ventures. With this investment, Inflection Point Ventures has become one of the only angel platforms in India to lead a Series B round.
Milkbasket has been rapidly emerging, and these investments would enable the startup to expand operations across India. Anant Goel, Co-Founder and CEO, Milkbasket, said, “This is probably our last fundraise on our path to profitability – that we target to achieve in 2020. Our Gurgaon, Noida and Bangalore 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.”
Vinay Bansal, Founder CEO, Inflection Point Ventures on the investment “We believe that Milkbasket has a unique customer-centric model and enjoys a very high degree of loyalty from its customers. 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.”
The startup has been widely noticed during the COVID-19 triggered lockdown as it continued to deliver families with essential food and household items. Milkbasket also launched services like MbBulk and SCO (Senior Citizens Only) helpline across cities to help minimise customers venturing out for groceries. Senior citizen grocery helpline also assisted the elderly who didn’t want their family to be burdened and put at risk for essential groceries purchase.
Founded in 2015 by Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia, today Milkbasket serves over 130,000 households. It fulfils an entire household needs with 9000+ products including fruits & vegetables, dairy, bakery and all other FMCG categories. It is currently operating in Gurgaon, Noida, Dwarka, Ghaziabad, Hyderabad and Bangalore.