ⓘ Featured image: Milkbasket co-founders, from left: Anant Goel, Anurag Jain, Ashish Goel and Yatish Talvadia, co-founders of Milkbasket
Headquartered in Haryana, India, Milkbasket is a dairy and grocery delivery startup that has reportedly raised $5.5 million earlier this week from Inflection Point Ventures, with participation from existing investors.
Currently operational in Gurgaon, Noida, Dwarka, Ghaziabad, Hyderabad and Bengaluru, Milkbasket will utilise the fresh capital to expand across more cities in India.
Sharing his view and growth factors of Milkbasket, Vinay Bansal, founder & CEO of Inflection Point Ventures in a statement 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,”
Commenting on the investment round, Anant Goel, co-founder & CEO, Milkbasket said,
“This is probably our last fund-raise on our path to profitability — that we target 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.”
Founded in 2014 by Anant Goel, Anurag Jain, Ashish Goel, Ekwe Chiwundu Charles, Yatish Talavdia, Milkbasket leverages deep technology to manage a full-stack supply chain from sourcing to last-mile delivery, and currently serves over 130,000 households with an inventory of over 9,000 dairy, bakery and grocery items.
Milkbasket claims to have delivered over 300,00,000 order since its inception. The company’s unique proposition is its new-age deep-tech driven platform that encompasses features like: contactless delivery, one-click buying, and no checkout.