Milk delivery startup Milkbasket said that it has raised $5.5 million in a fresh round of investment which was led by Inflection Point Ventures along with its existing investors. The newly raised fund will be used for technology development, market expansion and increasing the company’s outreach, said a statement.
Milkbasket claimed to serves over 130,000 households and fulfills an entire household needs with over 9000 products across fruits & vegetables, dairy, bakery and all other FMCG categories. The company is currently operating in Gurgaon, Noida, Dwarka, Ghaziabad, Hyderabad and Bangalore.
“This is probably our last fund raise on our path to profitability – that we target to achieve in 2020. Our Gurgaon, Noida and Bangalore operations are already breaking even with other cities on an accelerated track. These funds will provide a further boost in our efforts to achieve the same and necessary buffers to deal with any eventualities,” said Anant Goel, Co-Founder, CEO, Milkbasket.
Founded in 2015 by Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia, Milkbasket said it wants to become the default mom & pop shop for over a million households by 2021.
“We believe that Milkbasket has a unique customer-centric model and enjoys a very high degree of loyalty from its customers. Their understanding and application of technology which helps them execute single day deliveries and even accept orders till midnight gives them an edge over other players operating in the same category. Additionally, 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,” said Vinay Bansal, Founder CEO, Inflection Point Ventures.