Milkbasket, an online grocery delivery firm has raised $5.5 million in a fresh funding round led by Inflection Point Ventures with existing investors. Anant Goel, Co-Founder, CEO, Milkbasket, commented, “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.”
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.
“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,” Vinay Bansal, Founder CEO, Inflection Point Ventures, said.
Milkbasket presently serves about 13000 households with a product base of over 9000 across fruits & vegetables, dairy, bakery and all other FMCG categories. The firm is currently operating in Gurgaon, Noida, Dwarka, Ghaziabad, Hyderabad and Bangalore. The contactless delivery firm has facilitated over 3 crore deliveries till date. They have also launched platforms like MbBulk and SCO (Senior Citizen Only) to help the elderly to procure groceries during the coronavirus pandemic.