Micro delivery startup in daily essentials segment Milkbasket has raised $7 million in Series A round of funding led by Kalaari Capital. Beenext Ventures along with existing investors Blume Ventures and Unilever Ventures also participated in the round.
In March, Entrackr had first reported about the capital infusion from Kalaari Capital in the Gurgram-based grocery and milk delivery platform.
The Series A funding for Milkbasket came after four months of raising $3 million pre-Series A round from Unilever. In August, last year, the company had secured an undisclosed amount from Blume Ventures, Lenovo Capital. Besides, it also secured from Chinese and Indian angels.
According to an ET report, the fresh capital will be deployed towards talent, technology, and territory as the Anant Goel-led company looking to increase its footprint into new cities in 6-12 months.
According to Goel, Milkbasket, which currently caters to 40,000 households in Gurugram is not a subscription-based model as over 80 per cent of the orders coming from non-subscribed customers.
He further added that the frequency of shopping at Milkbasket is like a local general store which is about 25 times a month as compared to BigBazaar where it hovers around two-to-three times a month.
Founded in 2015, Milkbasket delivers milk, grocery, and other daily essentials at customers’ door every morning. It offers milk and perishables as well as household items through its own warehouse and supply chain. Currently, it claims to have a reach to 40,000 households in the millennium city.
At present, there are several micro delivery platforms such as Doodhwala, DailyNinja, Suprdaily are evangelising the subscription model.
In the last financial year, Milkbasket claimed to clocked a revenue of Rs 35 crore.