[Funding]: Grocery delivery startup Milkbasket raises $5.5M Series B, led by Inflection Point Ventures

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

About Milkbasket

Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia found Milkbasket in 2015 with the vision to become the default mom & pop shop for over a million households by 2021. Today, the company specialises in a capital-efficient model in the online grocery space.

Till date, it has delivered over 30 million orders. The company has built a new-age technology platform to enable frequent and frictionless buying. Some of its unique features are contactless delivery, one-click buying, and no checkout. The One-click buying and No-checkout features are firsts in the e-commerce industry.

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. These helped people sustain the lockdown without venturing out for groceries. They launched the Senior citizen grocery helpline to help the elderly who didn't have their sons and daughters with them and were in particularly at risk due to the outbreak.

Milkbasket staff wears masks and gloves at all times and undergoes daily symptom assessment tests. Further, Milkbasket today serves over 130,000 households and fulfils 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.

About the funding

Inflection Point Ventures is one of the only angel platforms in India to lead Series B round in a startup. The Angel Platform started in 2018. And since then, it has been investing in startups across high potential sectors. These include health tech, delivery, ed tech and telemedicine at rational valuations.

The value of the transaction is 5.5 million dollars. It states that Milkbasket has demonstrated exponential growth in the daily e-grocery industry. Further, the startup has advanced and deep technology across the full-stack supply chain from sourcing to last-mile delivery. Thus, IPV's Funding shows a strong belief in the company's future.

What did Industry leaders have to say on the deal

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.”

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