Within a few weeks after raising Rs 20 crore in venture debt funding led by Flipkart co-founder Sachin Bansal’s BAC Acquisitions, grocery delivery startup Milkbasket has raised an additional US$10.5 million (~ ₹ 69.20 crore) in a fresh round of funding led by Unilever Ventures, with participation from Mayfield India, Kalaari Capital, and Blume Ventures and few Indian family offices, reported Times of India,
“While the industry is witnessing a number of players adopting our model, this funding – our largest fund infusion till date – is a testament to our robust execution, the team and continued trust of our investors in the growth of Milkbasket,” Milkbasket Co-founder and CEO Anant Goel said in a statement.
According to the startup, more than 70% of its revenue comes from non-milk products, from the wide assortment of over 8,500 stock keeping units.
In last 6-7 months, Gurgaon headquartered Milkbasket has launched its services in four cities across India with Bengaluru being the latest.
“We are steadily and surely moving towards our goal of achieving USD 1 billion annual recurring revenue in 2021. Together with investing in talent and geographic expansion, Milkbasket continues to invest in customer centric innovation, and this funding will help us focus on all the three areas to build a national market leader in online grocery,” Goel added.
To date, Milkbasket has raised a total of about $32.7 million in funding over eight rounds from Mayfield Advisors, Beenext, Kalaari Capital, Unilever Ventures, Lenovo Capital (LCIH), Blume Ventures and few family offices.