– Round led by Inflection Point Ventures
– First angel network to invest in Series B
– Existing investors Blume Ventures, Kalaari Capital, Mayfield India, Unilever Ventures and BeeNext have also participated
New Delhi, June 22, 2020: World’s first daily contactless delivery service and one of India’s biggest grocery delivery startup Milkbasket has closed a fresh round of investment led by Inflection Point Ventures with existing investors for USD 5.5 million, as it continues to grow its operations across India and maintain its market leader position in the daily grocery delivery space.
Inflection Point Ventures has emerged as the only angel platform in India to lead a Series B round in a startup. The Angel Platform, started in 2018, has been investing in startups across high potential sectors like health tech, delivery, ed tech and telemedicine at rational valuations.
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.”
Milkbasket has demonstrated exponential growth to achieve a market leader position in the daily e-grocery industry. 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.
Anant Goel, Co-Founder, CEO, Milkbasket, says, “This is probably our last fund raise 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.”,
A pioneer in contactless delivery, with over 3,00,00,000 orders delivered till date, Milkbasket is an undisputed market leader in the daily grocery delivery space. The company has built a new-age technology platform to enable frequent and frictionless buying with unique features like contactless delivery, one-click buying, and no checkout – all a first 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 to help people sustain the lockdown without venturing out for groceries. Senior citizen grocery helpline was launched 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.