Hyperlocal delivery service startup Milkbasket has closed a fresh round of investment of $5.5 mln led by Inflection Point Ventures. The company plans to turn profitable in 2020.
“This is probably our last fund raise on our path to profitability – that we target to achieve in 2020,” said Anant Goel, co-founder, CEO, Milkbasket.
The Gurugram headquartered company has built a new-age technology platform to enable frequent and frictionless buying with features like contactless delivery, one-click buying, and no checkout, all a first in the e-commerce industry, it said.
“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,” he said.
Since the lockdown began, the company has been in demand as hyperlocal grocery delivery has gone up manifold. Many companies that had a logistics and delivery backbone like Swiggy and Zomato also turned to grocery delivery during the lockdown as these were the only essentials that were in demand across the board.
The covid-19 pandemic has been a huge growth opportunity for the online grocery delivery segment with Forrester Research noting last month that India’s online grocery market could make $3 billion in sales this year, representing a 76% hike compared to $1.7 billion last year.
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.
The five-year old startup claims to have delivered 30 million orders till date and achieved positive unit economics within the first six months of its launch.
With advanced and deep technology across the full-stack supply chain from sourcing to last-mile delivery, Milkbasket 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 Bengaluru.
“We believe that Milkbasket has a unique customer-centric model and enjoys a very high degree of loyalty from its customers. 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,” said Vinay Bansal, founder CEO, Inflection Point Ventures.
This article was first published by livemint.com