Milkbasket, which is a Gurugram-based online grocery startup has announced that it has received ₹19 crore ($3 million) in its new Pre-Series A funding round from Unilever Ventures.
The company will be using the newly raised funding to strengthen its technology as well as in expanding their assortment and customer base. Portion of the funding will also be used for monetising other streams of revenues.
Commenting on this, Anant Goel, CEO of Milkbasket, said:
At present, Milkbasket is growing exponentially and has become a popular brand in the city of Gurugram. Our vision is to become a strong player in online top-up groceries platform in India within the next five years, and we strongly believe that this is an important milestone in our journey.
Milkbasket was founded in 2015 and offers a micro-delivery service with an innovative top-up model. The company started with catering for the unique Indian habit of getting fresh milk delivered at home every morning, and today claims to be one of the leading grocery delivery platforms in Gurugram.
In order to enable frequent and frictionless buying, Milkbasket has also introduced flexi-ordering and contactless delivery options on its platform.
Last year, the startup had raised an undisclosed amount in another Pre-Series A funding round from Blume Ventures. At that time, the company had said that the investment will be used for expanding the company’s operations in Gurugram. A portion of the funding was to be used to acquire new talents in technology, supply chain, and operations.
Prior to that, in 2016, the startup had secured investment from Hofan Capital and Draphant. Along with the participation of a few customers, the startup had also raised about $500K in a funding round led by EVC and a group of Chinese investors in 2016.