Micro-delivery startup Milkbasket has raised INR 10 crores in a fresh round of funding from US-based VC firm Mayfield Fund, VCCircle reported. The Gurugram-based startup is expected to be valued at INR 161-168 crores ($22-23 million) with the latest development. Nikhil Khattau, the MD of Mayfield Fund will join the startup’s board post the deal.
Founded by INSEAD alumnus Anant Goel along with Anurag Jain, Yatish Talavdia and Ashish Goel in 2015, Milkbasket caters to the unique Indian habit of getting fresh milk to their doorstep every morning. The local delivery startup has now expanded to delivering groceries as well.
The startup provides a flexible platform to help users order groceries and milk and track expenses, set vacation time-offs, and create repeat order based on requirements and past order history.
Milkbasket currently operates in Noida, Gurugram, and Ghaziabad. Earlier this year in May, the firm raised $7 million in series A funding round from Kalaari Capital. That investment round saw a participation of venture capital firms like Unilever Ventures, Blume Ventures, and Beenext.
Billion-dollar e-commerce giants like Amazon has entered into the grocery segment. Earlier in August this year, Flipkart launched its online grocery store called Flipkart Supermart. Amazon and Flipkart are agreesively looking to foray into the segment.