NEW DELHI: Daily grocery delivery service platform, Milkbasket, on Tuesday announced the successful closure of USD 7 million in series A funding led by Kalaari Capital with participation from Singapore based BeeNext and its existing investors, Unilever Ventures and Blume Ventures.
"Strong founding team, focus towards data-based decision making, operational rigor, and incessant focus on customer delight, backed by a large market opportunity in the grocery space culminated into us leading a USD 7M series A round into Milkbasket," said Vani Kola, MD at Kalaari Capital.
"We are very excited to have Kalaari and BeeNext join us in the journey to crack the online grocery space in a sustainable manner. This funding will help us to continue investing in the 3Ts that we hold close to our hearts - talent, technology and territory, and in achieving our vision to create the most convenient grocery fulfilment model for today's busy households," said Anant Goel, CEO at Milkbasket.
The company is going to use these funds for further innovations in supply chain efficiencies and last mile logistics, creation of unique customer propositions and delivering exceptional customer experience,.
They will also expand into other geographies while penetrating deeper in existing communities.
"Our investment in Milkbasket provides us with meaningful participation in one of the fastest growing e-grocery markets globally. We are excited to partner with one of India's best grocery delivery platforms and believe that this investment will accelerate their ability to build scale in India," said Teruhide Sato, founder of BeeNext.
"Three unique attributes of Milkbasket that impressed us were; a great founder with a solid team and great execution; a user friendly service suitable for Indian local habits; and highly frequent consumer touch points. Milkbasket instigates a sense of community among users, and there is no doubt that they will become the daily habit of India in a few years," he said.
Started in early 2015, Milkbasket revolutionised the online grocery space by introducing an early morning, contactless, micro-delivery model akin to the prevalent newspaper and milk supply chain models in India.
Starting with milk and breakfast products, Milkbasket today fulfills the entire grocery needs of a household with a reach of over 40,000 households in 180+ communities in Gurugram. (ANI)