Gurgaon headquartered grocery and milk delivery startup MilkBasket has raised an additional Rs 20 crore ( ~ US$2.863 million) in venture debt led by Flipkart co-founder Sachin Bansal’s BAC Acquisitions, reported Economic Times citing sources.
With this funding, Milkbasket has raised close to $19 million in total from seven rounds since its inception in 2015. Prior to this, the company had last raised $7 million in Series A from Mayfield Fund, in December.
Mikbasket, which competes with ZopNow, Supr Daily, Country Delight and DailyNinja, counts high profile investos as it backers that include Kalaari Capital, Unilever Ventures, EVC Ventures, BeeNext, and Blume Ventures.
Launched in 2015, by Anant Goel, Anurag Jain, Ashish Goel, Ekwe Chiwundu Charles and Yatish Talavdia, Milkbasket is touted as India’s first subscription-based micro-delivery service fulfilling daily dairy essentials and household needs of consumers. The company closed FY18 with Rs 35 crore in revenue.
Last month, Milkbasket made its first acquisition when it acquired Noida-based Veggie India, an online store for organic fruits and vegetables.
Sequoia-backed DailyNinja, also a hyper-local delivery startup for milk and groceries, had raised $5.5 million from Matrix Partners India, in September last year. The closest competitor of Milkbasket has raied total of $10 Mn and made two small acquisitions of — WakeupBasket and 4amShop, both based out of Hyderabad.4
Mumbai-based SuprDaily, which is backed by Y Combinator, is also into daily subscription business for milk along with bread, eggs, coconut water, etc.. SuprDaily has raised a total of ₹10 crore in funding over three rounds, accoding to the data by Crunchbase.
Notably all three — MilkBasket, DailyNinja and SuprDaily were launched in same year of 2015 when Indian startup space was going through funding crunch.