Total amount raised
$38.5 Millions
Latest funding date
06/01/2020
Location
Milkbasket has successfully raised significant funding over multiple rounds, establishing itself as a key player in the daily micro-delivery service sector. The platform offers a wide range of products, including milk, fresh fruits, vegetables, and over 5000 daily essentials, all delivered by 7 am every day.
Keep reading to explore the intricacies of Milkbasket's fundraising journey and the investors backing this innovative platform.
What Is Milkbasket?
Milkbasket, founded in early 2015, is India's first and largest daily micro-delivery service. Operated by Reliance Retail Limited, it caters to over a million families across 20+ cities in India, delivering milk, fresh fruits, vegetables, and over 5000 daily essentials by 7 am every day.
Specializing in e-commerce, Milkbasket has introduced innovations like flexi ordering and contactless delivery, setting new standards in the industry. The service is accessible through their website and mobile apps, ensuring convenience and reliability for its users.
How Much Funding Has Milkbasket Raised?
- Seed Round
- Amount Raised: $500K
- Date: April 2016
- Lead Investors: ElevenX Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial operations and product development.
- Seed Round
- Amount Raised: $634.9K
- Date: December 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand service offerings and enhance technology.
- Seed Round
- Amount Raised: $840.9K
- Date: August 2017
- Lead Investors: Blume Ventures, Lenovo Capital and Incubator Group (LCIG)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Seed Round
- Amount Raised: $3M
- Date: January 2018
- Lead Investors: Unilever Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance supply chain efficiency and customer service.
- Series A
- Amount Raised: $7M
- Date: May 2018
- Lead Investors: Kalaari Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand technological capabilities and market reach.
- Series A
- Amount Raised: ₹100M
- Date: November 2018
- Lead Investors: Mayfield Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid growth and market penetration.
- Series A
- Amount Raised: $7M
- Date: December 2018
- Lead Investors: Mayfield Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance operational efficiency and customer experience.
- Series B
- Amount Raised: $10.5M
- Date: June 2019
- Lead Investors: Unilever Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and improve technological infrastructure.
- Debt Financing
- Amount Raised: ₹150M
- Date: June 2019
- Lead Investors: InnoVen Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide working capital for expansion and operational needs.
- Series B
- Amount Raised: $5.5M
- Date: June 2020
- Lead Investors: Inflection Point Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To achieve profitability and provide a buffer for any eventualities.
Total Amount Raised: $35.975M
Current Valuation: Not publicly disclosed
Key Investors
- Inflection Point Ventures
- Details: Founded in 2018, Inflection Point Ventures is an angel investment platform in India. It has been actively investing in startups across various sectors.
- Investment Focus Areas: Healthtech, delivery, edtech, telemedicine
- Notable Investments: DROR, Edvizo
- Blume Ventures
- Details: Blume Ventures is an early-stage venture fund that backs startups with funding and support. It has a strong presence in the Indian startup ecosystem.
- Investment Focus Areas: Early-stage tech startups in India
- Notable Investments: Dunzo, Unacademy, GreyOrange
- Kalaari Capital
- Details: Kalaari Capital is an early-stage venture capital firm based in India. It focuses on technology-oriented companies.
- Investment Focus Areas: Early to growth-stage startups in technology and consumer sectors
- Notable Investments: Dream11, CureFit, Myntra
- Mayfield India
- Details: Mayfield India is a global venture capital firm with a focus on early-stage investments. It has a significant presence in the Indian market.
- Investment Focus Areas: Early to growth-stage companies in India
- Notable Investments: Amagi, Licious, Lendingkart
- Unilever Ventures
- Details: Unilever Ventures is the venture capital and private equity arm of Unilever. It invests in consumer and enterprise technology companies.
- Investment Focus Areas: Consumer brands, digital, enterprise technology
- Notable Investments: Zoopla, Gousto, Function of Beauty
What's Next for Milkbasket?
Milkbasket stands at the cusp of significant growth opportunities, driven by the increasing demand for online grocery delivery services. With a strong technological foundation and a customer-centric model, the company is well-positioned to expand its operations into new cities and regions. The potential to serve over 130,000 households and offer 9,000+ products underscores the vast market they can tap into.
Future fundraising opportunities appear promising, given the robust backing from investors like Inflection Point Ventures, Blume Ventures, and Kalaari Capital. While the company aims to achieve profitability soon, strategic expansions or new market conditions could prompt additional funding rounds. However, the competitive landscape poses challenges, with established players like Swiggy and Zomato vying for market share. Maintaining profitability while scaling operations and ensuring consistent service quality will be crucial for Milkbasket's sustained success.
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