Indian micro-delivery startup Milkbasket raises $7m funding led by Mayfield

Photo: Mint

Micro-delivery startup, Milkbasket, has raised $7 million as part of its Series A funding round led by Mayfield Advisors, the company said on Tuesday. Existing investors, including Kalaari Capital, Unilever Ventures and Beenext Pte Ltd, also participated in the round.

US-based Mayfield Advisors, a venture capital that invests in consumer and enterprise companies across non-tech, tech-enabled, and technology verticals, has backed several companies, including meat start-up Licious, online food ordering platform Box8 and education start-up Simplilearn.

“In 2015, Milkbasket was created as India’s first micro-delivery service for today’s busy households to fulfil their grocery needs by eliminating the hassles associated with traditional offline and online grocery buying,” said Anant Goel, co-founder and chief executive officer, Milkbasket.

The company aims to remove “the listing habit” that people have before buying groceries. “I never saw my mother making a list to buy groceries. She used to buy vegetables on a daily basis from the sabjiwala. If someone realizes that they are short of some ingredient we don’t want them to wait for 2-3 days till their grocery gets delivered,” Goel said in an interview.

In May, Milkbasket had raised another $7 million as part of its Series A funding round led by Kalaari Capital, bringing its total Series A fund-raise to $14 million.

The firm will use the funds to improve its technology infrastructure, hire new hands and expand its services to at least one new city. “Currently, Milkbasket operates in Gurugram and Noida, and we are looking to start operations in either Mumbai, Pune or Hyderabad,” said Goel.

Goel, a former Infosys executive, had teamed up with consultant Ashish Goel, Yatish Talavdia, Anurag Jain and Ekwe Chiwundu Charles to launch Milkbasket. The app-based start-up delivers milk, bread, vegetables, dairy products and grocery for orders even as low as ₹5. It claims to have completed 5 million orders, serving 50,000 families and 600 communities.

In the micro-delivery space, Milkbasket competes with Sequoia-backed DailyNinja, Noida-based MrNeeds and Snapdeal-backed Supr Daily, among others.

Food delivery startup Swiggy and online groceries startup BigBasket are also looking to double down on the micro-delivery segment.

Bigbasket, which was in talks to invest in DailyNinja, has already entered the segment through the acquisition of RainCan, a subscription-based company, and MorningCart.

Also Read:

Mayfield Fund invests in Milkbasket

Indian grocery delivery startup Milkbasket raises $7m in round led by Kalaari Capital

This article was first published on 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.