The company will use the infuse funds to grow its operations across India, and maintain its marketshare in the daily grocery delivery space.
The Series B round which closed with $12.7 million was led by Unilever Ventures, the investment of $10.5 million saw participation from Mayfield India, Kalaari Capital, Blume Ventures, and a few Indian family offices and the recent investment by InnoVen Capital.
“The fresh investment positions us firmly for continued growth, and we will be investing substantially in geographical expansion, new technological advancements and hiring through the year. This is a testament to our proven pioneering model and a solid team that is transforming everyday lives of urban households in India,” Anand Goel, co-founder and CEO, Milkbasket said.
Launched in early 2015, Milkbasket is India’s first and largest daily micro-delivery service.
Built on the unique Indian habit of getting fresh milk delivered at home every morning, Milkbasket is fulfiling the entire grocery needs of a household everyday before 7:00 a.m.
The company currently operates in Bengaluru, Gurugram, Delhi, Noida, and Ghaziabad. It claims to serve over 100,000 households today.
“We have known Anant and the Milkbasket team for some time, and have been impressed with their growth, backed by solid execution. The micro-delivery space is a large addressable market, offering real convenience to customers for their daily requirements. The model inherently has high customer stickiness and potential to increase the basket size over time,” said Ashish Sharma, CEO, InnoVen Capital.
According to the company, it is aiming to become the default mom and pop shop for over a million households by 2021.