Daily grocery delivery service Milkbasket has raised additional $10.5 million in its latest round of funding led by Unilever Ventures and participation from Mayfield India, Kalaari Capital and Blume Ventures, and a few Indian family offices.
“Milkbasket is serving over 100,000 households today. While the industry is witnessing a number of players adopting our model, this funding, our largest fund infusion till date, is a testament to our robust execution, the team and continued trust of our investors in the growth of Milkbasket.” said Anant Goel, co-founder and CEO at Milkbasket.
The company said more than 70% of Milkbasket revenue comes from non-milk products (from the wide assortment of 8,500+ SKUs). Milkbasket has launched its services in four cities across India within the last six to seven months and claimed is growing at a rate of more than 20% month-on-month.
Anant added, “We are steadily and surely moving towards our goal of achieving $1 billion ARR in 2021. Together with investing in talent and geographic expansion. This funding will help us focus on all the three areas to build a national market leader in online grocery.”
