Indian food delivery service Milkbasket has raised a further $10.5 million in a funding round led by Unilever Ventures, with further participation from Mayfield India, Kalaari Capital, and Blume Ventures.
Milkbasket was founded in 2015 to cater to the Indian demand for receiving milk deliveries at home every morning. Through the site, consumers’ orders made before midnight are delivered to their doors before 7am the following day.
However, despite its origins in milk and dairy products, Milkbasket claims that more than 70% of its revenue comes from non-milk products, and the company has launched its services in 4 cities across India within the last few months.
Anant Goel, co-founder and CEO of Milkbasket said: “Having cracked the code of sustainable online grocery model by creating world’s first daily micro delivery supply chain, Milkbasket is proud to be serving over 100,000 households today.
“While the industry is witnessing a number of players adopting our model, this funding, our largest fund infusion till date, is a testament to our robust execution, the team and continued trust of our investors in the growth of Milkbasket.
“We are steadily and surely moving towards our goal of achieving $1 billion ARR in 2021.
“Together with investing in talent and geographic expansion, Milkbasket continues to invest in customer-centric innovation, and this funding will help us focus on all the three areas to build a national market leader in online grocery.”
© FoodBev Media Ltd 2019
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