World’s first daily contactless delivery service and one of India’s biggest grocery delivery startup Milkbasket has closed a fresh round of investment led by Inflection Point Ventures with existing investors for $5.5 million, as it continues to grow its operations across India and maintain its market leader position in the daily grocery delivery space.
Inflection Point Ventures has emerged as the only angel platform in India to lead a Series B round in a startup. The Angel Platform started in 2018, has been investing in startups across high potential sectors like health tech, delivery, ed-tech, and telemedicine at rational valuations.
Vinay Bansal, Founder CEO, Inflection Point Ventures, says, “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.”
Milkbasket has demonstrated exponential growth to achieve a market leader position in the daily e-grocery industry. With advanced and deep technology across the full-stack supply chain from sourcing to last-mile delivery, Milkbasket today serves over 130,000 households and fulfills an entire household needs with 9000+ products across fruits & vegetables, dairy, bakery and all other FMCG categories. It is currently operating in Gurgaon, Noida, Dwarka, Ghaziabad, Hyderabad, and Bangalore.
Anant Goel, Co-Founder, CEO, Milkbasket, says, “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. These funds will provide a further boost in our efforts to achieve the same and necessary buffers to deal with any eventualities.”,
A pioneer in contactless delivery, with over 3,00,00,000 orders delivered to date, Milkbasket is an undisputed market leader in the daily grocery delivery space. The company has built a new-age technology platform to enable frequent and frictionless buying with unique features like contactless delivery, one-click buying, and no checkout – all a first in the e-commerce industry.
Since the lockdown began, the company has been at the forefront, serving families with essential food and household items. The company also launched services like MbBulk and SCO (Senior Citizens Only) Helpline across multiple cities to help people sustain the lockdown without venturing out for groceries. Senior citizen grocery helpline was launched to help the elderly who didn’t have their sons and daughters with them and were particularly at risk due to the outbreak. Milkbasket staff wears masks and gloves at all times and undergoes daily symptom assessment tests.
Founded in 2015 by Anant Goel, Ashish Goel, Anurag Jain, and Yatish Talvadia, Milkbasket’s vision is to become the default mom & pop shop for over a million households by 2021. Having achieved positive unit economics within the first six months of the launch, Milkbasket is the most capital-efficient model in the online grocery space as compared to its domestic and global peers.
Inflection Point Ventures is an initiative of accomplished CXOs & Angel Investors who firmly believe that ‘Everyone can Grow with Startups’. Started in 2018, IPV has invested in across 40+ startups. IPV’s investors’ base is currently in 2000 seeing a massive influx of highly accomplished CXOs and HNIs who are looking to invest in startups with rational valuation and sustainable business models.