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Milkbasket raises $ 5.5M round, led by Inflection Point Ventures

By Retail4Growth Team | June 23, 2020

Milkbasket today serves over 130,000 households and fulfills an entire household needs with 9000+ products across fruits & vegetables, dairy, bakery and all other FMCG categories. It is currently operating in Gurgaon, Noida, Dwarka, Ghaziabad, Hyderabad and Bangalore

Grocery delivery startup Milkbasket has closed a fresh round of investment led by Inflection Point Ventures with existing investors for $ 5.5M, as it continues to grow its operations across India and maintain its market leader position in the daily grocery delivery space. 

With advanced and deep technology across the full-stack supply chain from sourcing to last-mile delivery, Milkbasket today serves over 130,000 households and fulfills an entire household needs with 9000+ products across fruits & vegetables, dairy, bakery and all other FMCG categories. It is currently operating in Gurgaon, Noida, Dwarka, Ghaziabad, Hyderabad and Bangalore.

Vinay Bansal, Founder CEO, Inflection Point Ventures, says, "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." 

Anant Goel, Co-Founder, CEO, Milkbasket, says, "This is probably our last fundraise on our path to profitability – that we target to achieve in 2020. Our Gurgaon, Noida and Bangalore 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.”,

Since the lockdown began, the company has been at the forefront, serving families with essential food and household items. The company also launched services like MbBulk and SCO (Senior Citizens Only) Helpline across multiple cities to help people sustain the lockdown without venturing out for groceries.

 

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