Hyperlocal grocery delivery startup Milkbasket is planning to launch an initial public offering by second half of next year.
Anant Goel who worked as a consultant and stayed most of his life outside India took a sabbatical in 2011. After trying his luck with several other startups, Goel in 2015 along with his three friends -Ashish Goel, Anurag Jain, and Yatish Talvadia—founded Milkbasket.
Blume Ventures-backed Milkbasket partners with various brands and stores its product in five warehouses across the country. Once an order is placed, the startup through its last-mile delivery partners delivers the product from 4 AM.
“Milkbasket has a near-perfect record of reaching growth targets since being founded in 2015. The rapid adoption of at-home grocery delivery amongst consumers due to the pandemic has provided us with an impetus to target IPO in just a year, which we had initially planned for the year 2023,” said Co-founder and CEO Anant Goel.
The startup already offers delivery of over 9,000 products across fast-moving consumer goods (FMCG), dairy, fruits and vegetables categories in five cities (Delhi, Noida, Gurugram, Ghaziabad and Bengaluru) and currently has an average revenue run rate (ARR) of about $100 Mn.
“We are now working on the process for an IPO… The process takes time and we are still in early stages, but we are looking at possibly next year… second half. For now, the thought process is to list in India, we are an Indian company and well recognized in India,” added Goel.
Milkbasket has raised a total of $33 million in equity funding from Inflection Point Ventures, Mayfield India, Beenext, Kalaari Capital, Unilever Ventures, Blume Ventures, Lenovo Capital (LCIG), few family offices, and venture debt funding by Innoven Capital.
When players like Milkbasket, Grofers and BigBasket already compete against giants like Amazon and Flipkart in the segment, the recent entry of Mukesh Ambani’s JioMart is set to shake up the segment.