Total amount raised
$38.5 Million
Latest funding date
06/01/2020
Location
Milkbasket has successfully raised funds over 11 rounds, with the latest being a Series B involving seven investors. The company is backed by 19 investors, including notable names like Unilever Ventures and Inflection Point Ventures.
Keep reading to explore the intricacies of Milkbasket's fundraising journey and the investors backing this innovative platform.
What Is Milkbasket?
Milkbasket is a micro-delivery service that allows users to place orders for daily essentials until midnight with guaranteed delivery by 7 AM. The company operates primarily in the delivery service, e-commerce, food and beverage, and internet industries.
Based in Gurgaon, Haryana, India, Milkbasket has a significant number of employees ranging from 251 to 500. The company has been acquired by Reliance Industries and has raised funding through multiple rounds, including a Series B round.
How Much Funding Has Milkbasket Raised?
- Series B
- Amount Raised: USD 5,500,000
- Date: June 2020
- Lead Investors: Inflection Point Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To achieve profitability and provide buffers for any eventualities.
- Debt Financing
- Amount Raised: INR 150,000,000
- Date: June 2019
- Lead Investors: InnoVen Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support business expansion and operational scaling.
- Series B
- Amount Raised: USD 10,500,000
- Date: June 2019
- Lead Investors: Unilever Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance service delivery capabilities and expand operations.
- Series A
- Amount Raised: USD 7,000,000
- Date: December 2018
- Lead Investors: Mayfield Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and improve technology infrastructure.
- Series A
- Amount Raised: INR 100,000,000
- Date: November 2018
- Lead Investors: Mayfield Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and enhance service offerings.
- Series A
- Amount Raised: USD 7,000,000
- Date: May 2018
- Lead Investors: Kalaari Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and operational efficiency.
- Seed
- Amount Raised: USD 3,000,000
- Date: January 2018
- Lead Investors: Unilever Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the platform and expand the customer base.
- Seed
- Amount Raised: USD 840,922
- Date: August 2017
- Lead Investors: Blume Ventures, Lenovo Capital and Incubator Group (LCIG)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance service delivery and expand market presence.
- Seed
- Amount Raised: USD 634,945
- Date: December 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and market entry.
- Seed
- Amount Raised: USD 500,000
- Date: April 2016
- Lead Investors: ElevenX Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the service and build the initial customer base.
Milkbasket has raised a total of USD 34,475,867. The current valuation is Not publicly disclosed.
Key Investors
- Inflection Point Ventures
- Details: Inflection Point Ventures is an angel investment platform in India, started in 2018. They led the recent $5.5 million Series B funding round for Milkbasket.
- Investment Focus Areas: Healthtech, delivery, edtech, telemedicine.
- Notable Investments: DROR, Edvizo.
- Unilever Ventures
- Details: Unilever Ventures is the venture capital and private equity arm of Unilever. They participated in multiple funding rounds for Milkbasket, including Series B and Seed rounds.
- Investment Focus Areas: Consumer technology, enterprise technology.
- Notable Investments: Not publicly disclosed.
- Blume Ventures
- Details: Blume Ventures is an early-stage venture fund that backs startups with funding and support. They are an existing investor in Milkbasket.
- Investment Focus Areas: Early-stage tech startups.
- Notable Investments: Not publicly disclosed.
- Kalaari Capital
- Details: Kalaari Capital is an early-stage venture capital firm based in India. They have participated in multiple funding rounds for Milkbasket.
- Investment Focus Areas: Technology-driven businesses in India.
- Notable Investments: Not publicly disclosed.
- Mayfield India
- Details: Mayfield India is a global venture capital firm with a focus on early-stage investments. They have been involved in several funding rounds for Milkbasket.
- Investment Focus Areas: Early-stage technology, consumer companies.
- Notable Investments: Not publicly disclosed.
What's Next for Milkbasket?
Milkbasket stands poised to capitalize on the burgeoning demand for online grocery delivery, driven by the COVID-19 pandemic and a shift towards contactless services. With a fresh infusion of $5.5 million from its Series B round, the company is well-positioned to expand into new cities and enhance its technology platform, offering a seamless customer experience.
As Milkbasket continues to grow, future fundraising opportunities may arise to support further expansion and technological advancements. However, the company aims to achieve profitability soon, potentially reducing the immediate need for additional funding. The competitive landscape, logistical complexities, and maintaining service quality across regions are challenges that Milkbasket will need to navigate carefully.
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