Milkbasket raises fresh $5.5 million in funding led by Inflection Point Ventures

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Published: June 23, 2020 2:01 AM

The funds will be used to scale up business operations and meet any unforeseen Covid-19-related expenses. The company currently operates in six cities, including Hyderabad, Bengaluru and Noida.

The latest funding takes the company’s total fund count to nearly $40 million.The latest funding takes the company’s total fund count to nearly $40 million.

Milkbasket has raised a fresh $5.5 million in funding led by Inflection Point Ventures. The investment, which is a part of the firm’s series B round of financing, also saw participation from existing investors, the company said on Monday.

The funds will be used to scale up business operations and meet any unforeseen Covid-19-related expenses. The company currently operates in six cities, including Hyderabad, Bengaluru and Noida.

The latest funding takes the company’s total fund count to nearly $40 million.

As people stay confined to their houses to check the spread of the virus, e-grocers and kirana stores across the country have kept the household basket of essentials stocked up. Milkbasket claims to serve over 1,30,000 households with an offering of more than 9,000 products across categories like fruits & vegetables, dairy, bakery and FMCG segments.

“This is probably our last fundraise on our path to profitability that we target to achieve in 2020. Our Gurgaon, Noida and Bengaluru operations are already breaking-even with other cities on an accelerated track. These funds will provide a further boost to our efforts to achieve the same and necessary buffers to deal with any eventualities,” said co-founder and CEO Anant Goel.

In a recent interview to FE, Goel said that the firm’s path to profitability has accelerated basis the increase in demand over the last couple of months. Daily demand on the platform has settled at about 1.7-1.8 times higher compared to the pre-Covid days.

Founded in 2015, the company launched services like MbBulk and SCO (Senior Citizens Only) helpline across multiple cities to help people sustain the lockdown without venturing out for groceries.

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