Milkbasket bags $5.5 million funding from Inflection Point Ventures

Team StartupcityIn a funding round led by Inflection Point Ventures, Grocery delivery startup Milkbasket has raised $5.5 million. The round had other investors such as nclude existing backers such as Blume Ventures, Kalaari Capital, Mayfield India, Unilever Ventures and Singapore-based BeeNext.

Founded in 2015 by Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia, the Gurgaon-based startup delivers groceries to over 130,000 households in cities including Gurgaon, Noida,
Dwarka, Ghaziabad, Hyderabad and Bangalore. The company has so far raised over $38 million.

"This is probably our last fundraise 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," said Anant Goel, Co-Founder and CEO at Milkbasket. "These funds will provide a further boost in our efforts to achieve the same and necessary buffers to deal with any eventualities."

Vinay Bansal, founder and CEO of Inflection Point Ventures, said, "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."