Roping in startups under his portfolio via debt route, Sachin Bansal has set a trend for investments in startups after getting a staggering exit from his first co-founded company – Flipkart.
After setting up his new firm BAC Acquisitions (BACQ) along with investment banker Ankit Agarwal, Bansal has been eyeing investments in startups across several domains.
Although BACQ has been focusing on fintech as well as agritech, the firm has placed the first bet on consumer internet space by infusing Rs 20 crore debt in microdelivery app – Milkbasket.
Anant Goel, co-founder, and CEO of Milkbaket has confirmed Rs 20 crore debt closure from BACQ to Entrackr.
This debt would help the Kalaari-backed firm to strengthen its position against rivals Dailyninja, MilkBakset and Suprdaily. Besides NCR, Milkbasket had recently entered Bengaluru.
So far, Bansal has invested in two NBFCs and is in the final leg to back digital lender KrazyBee.
Backed by the likes of Kalaari, Mayfield Fund, Blume Ventures, Unilever and others, Milkbasket has raised around $15 million risk capital till date.
Apart from milk delivery, the startup enables customers to order from a selection of grocery items and daily essentials that get delivered to their doorstep using its own fleet every morning.
According to the company and RoC filings, the company is growing at 7X and closed FY18 with Rs 35 crore in revenue. With 400,000 customer base, Milkbasket claimed to deliver over 10 million orders in the last 4 years.
On average, Milkabasket claims to receive 20 orders per customer in a month that reflects the stickiness and loyalty factor of the online milk and daily essential delivery segment.
