India: Milkbasket snags $5.5m funding; aims to turn profitable this year

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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.

It also raised funds from existing investors Blume Ventures, Kalaari Capital, Mayfield India, Unilever Ventures and BeeNext.

“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

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.