startup funding

Milkbasket Raises $2.16 Mn in Follow-on Funding from Innoven Capital

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Grocery delivery startup Milkbasket has raised ₹15 crore (~US$2.167 Mn) from venture debt firm Innoven Capital, which is in addition to US$ 10.5 million (around Rs 72.59 crore) the company had raised earlier this month led by Unilever Ventures, with participation from Mayfield India, Kalaari Capital, Blume Ventures and few Indian family offices.

The funding comes within a month after the startup had last raised $10.5 million in its Series B round. Notably, in this month only, Milkbasket’s ₹20-crore debt funding deal with Sachin Bansal-led BACQ fell through.

“The fresh investment positions us firmly for continued growth, and we will be investing substantially in geographical expansion, new technological advancements and hiring through the year,” Anant Goel, Co-founder and CEO, Milkbasket said in a statement.

Goel further said “this is a testament to our proven pioneering model and a solid team that is transforming everyday lives of urban households in India”.

In April, Milkbasket had announced a ₹20 crore debt funding deal from Bansal’s BACQ. However, in June, the startup then put out a press statement clarifying that “Milkbasket and (Bansal’s) BACQ have mutually decided not to proceed with the investment that was announced on April 29, 2019.”

To date, Milkbasket 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 had last raised $10.5 million in its Series B round this month.

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