Last August, e27 exclusively reported Milkbasket’s pre-Series A fundraise from Chinese VC firm Lenovo Capital and Incubator Group
Milkbasket founding team
The company is going to use the funds for further innovations in supply chain efficiencies and last-mile logistics, improving customer experience, and expanding into other geographies. “This funding will help us to continue investing in the 3Ts that we hold close to our hearts – talent, technology and territory, and in achieving our vision to create the most convenient grocery fulfilment model for today’s busy households,” Milkbasket Co-founder and CEO Anant Goel said.
This brings the company total funding raised to date to US$10 million. Last August, e27 exclusively reported Milkbasket’s pre-Series A funding round from Chinese VC firm Lenovo Capital and Incubator Group (LCIG). Previously, it has earlier raised two rounds of funding — one in March 2016 and the other in December— from investors, including Empower Investment, Hofan Capital, Draphant, Peter Zou (CEO, YeahMobi), Vinay Bansal (ex-CFO, Wildcraft), Vikas Chauhan of 1mg, Deepak Jain of Bain & Co, and a few select Milkbasket customers.
Milkbasket was launched in early 2015 by INSEAD alumnus Anant Goel, with friends Ashish Goel, Anurag Jain and Yatish Talvadia. The company has introduced an early morning, contactless, micro-delivery model akin to the prevalent newspaper and milk supply chain models in India. Starting with milk and breakfast products, Milkbasket today has a reach of over 40,000 households in 180-plus communities in Gurgaon, it said in a press statement.
Teruhide Sato, Founder of BeeNext, said: “Three unique attributes of Milkbasket that impressed us were; a great founder with a solid team and great execution; a user friendly service suitable for Indian local habits; and highly frequent consumer touch points. Milkbasket instigates a sense of community among users, and there is no doubt that they will become the daily habit of India in a few years.”
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