The startup claimed than more than 70 per cent of its revenue comes from non-milk products, from the wide assortment of over 8,500 stock keeping units. Also, it has launched its services in four cities across India within the last six-seven months.
“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,” Anant Goel, co-founder and CEO said in a statement.
“We are steadily and surely moving towards our goal of achieving USD 1 billion annual recurring revenue 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,” Goel added.
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.
To enable frequent and friction, less buying, the milk-centric startup has innovated flexi ordering and contactless delivery.
Till date, the company has raised close to $26 million (approx ₹180 crore) in equity funding from Mayfield Advisors, Beenext, Kalaari Capital, Unilever Ventures, Lenovo Capital (LCIH), Blume Ventures and few family offices.
Whereas, Unilever Ventures, founded in 2002, is the venture capital and private equity arm of Unilever.
It invest in young, promising companies, accelerating growth by providing access to Unilever’s global ecosystem, assets and expertise.