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January 25, 2018

Indian grocery delivery platform Milkbasket secures $3m investment

India-based grocery delivery platform Milkbasket has secured a $3m investment through a pre-Series A round.

India-based grocery delivery platform Milkbasket has secured a $3m investment through a pre-Series A round.

This round saw the participation of Unilever Ventures, the venture capital and private equity wing of Unilever.

Established in 2015, Milkbasket began operations in Gurugram, Harayana. It is a micro-delivery service with a top-up model.

“The endorsement from Unilever Ventures is an important mark of confidence in our potential.”

Initially performing deliveries of fresh milk every morning, it has grown to become one of the leading grocery delivery platforms in the city.

MilkBasket takes orders on a wide range of grocery products before midnight and delivers the orders to a customer’s home before 7am every day.

It also offers flexible ordering and contactless delivery, which, according to the company, is both a first in the ecommerce industry and popular among its customers.

Milkbasket CEO Anant Goel said: “We have always believed that Milkbasket’s unique model will find its play in the large online grocery market. The endorsement from Unilever Ventures is an important mark of confidence in our potential.

“At present, Milkbasket is growing exponentially and has become a popular brand in the city of Gurugram. Our vision is to become a strong player in online top-up groceries platform in India within the next five years, and we strongly believe that this is an important milestone in our journey.”

Unilever Ventures head Olivier Garel said: “Unilever Ventures aims to support some of the most disruptive emerging commerce models and Milkbasket’s approach, leveraging Indian consumers habits and preferences, bringing convenience and attractive unit economics is definitely one of them.”

Milkbasket expects the investment and Unilever’s expertise to bolster technology and extend its assortment and customer base.

Among the current investors of Milkbasket include BLUME Ventures, Lenovo Capital (LCIH), Empower Investment, Hofan Capital, Draphant.