Sun. Sep 20th, 2020

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Milkbasket raises $5.5 million funding led by Inflection Point Ventures

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Grocery delivery platform Milkbasket on Monday said it has closed a fresh round of investment of USD 5.5 million (around ₹41 crore) led by Inflection Point Ventures.

Existing investors Blume Ventures, Kalaari Capital, Mayfield India, Unilever Ventures and BeeNext have also participated in the Series B round, a statement said.

The valuation at which the funds were raised was not disclosed. Milkbasket has raised over USD 33 million in funding so far.

“This is probably our last fundraise on our path to profitability – that we target to achieve in 2020. Our Gurgaon, Noida and Bengaluru operations are already breaking even with other cities on an accelerated track,” Milkbasket co-founder and CEO Anant Goel said.

He added that these funds will “provide a further boost in our efforts to achieve the same and necessary buffers to deal with any eventualities”.

Milkbasket currently serves over 1.3 lakh households and offers over 9,000 products across fruits and vegetables, dairy, bakery and other FMCG categories. It is currently operational in Gurugram, Noida, Dwarka, Ghaziabad, Hyderabad and Bengaluru.

“…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,” Vinay Bansal, Founder CEO of Inflection Point Ventures said.

Source: Livemint

Read the similar article on The Fortune Leader

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