“The acquisition of PSR Supply Chain helps us in further strengthening our customer base and offerings in Bengaluru,” said Anant Goel, co-founder and CEO of Milkbasket.
The Delhi-based grocery start-up, which acquired Noida-based vegetables supplier Veggie India in March, has been on an acquisition spree, buying out local businesses that could help it gain a wider customer base. PSR Supply Chain, which caters to customers in east Bengaluru, has a network of over 4,000 registered customers and its last reported annual turnover was over ₹2.5 crore.
“While we are growing phenomenally on our own, we are always on the lookout for strategic acquisitions to help us sharpen our learnings in specific regions or technologies,” said Goel.
On June 11, Milkbasket said that it would invest ₹10 crore to scale up its fresh fruits and vegetable category by setting up ten more collection centres across the country. The company has tie-ups with multiple farmer producers organisations across the country to source directly from states such as Bihar, Himachal Pradesh, Uttar Pradesh, and Gujarat.
Founded in early 2015, Milkbasket has built a new-age technology platform to enable a smooth grocery buying experience online, with unique features like one-click buying, no checkout and contactless delivery.
In June, the company raised fresh funds worth ₹15 crore from venture debt firm InnoVen Capital, marking its first successful debt funding deal. To date, it has raised close to $26 million in equity funding from Mayfield, Beenext, Kalaari Capital, Unilever Ventures, Lenovo Capital (LCIH), Blume Ventures and few family offices.
Milkbasket last raised $10.5 million in its Series B round this month.
This article was first published on livemint.com