Milkbasket raises $500,000 from EVC Ventures, others in seed funding
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Mumbai: Gurgaon-based Milkbasket, owned and operated by AAIDEA Solutions Pvt. Ltd, a micro-delivery e-commerce company, said on Wednesday that it had raised $500,000 in seed funding.
EVC Ventures; Zhu Dao Investments; Peter Zou, partner at Beam Capital VC; Peesh Chopra, managing partner, PVC Venture Capital; and Vikas Banga and Manav Kamboj, vice presidents at Snapdeal, participated in the investment round.
The company plans to raises $8-10 million in the next four to five months.
Milkbasket, founded in 2015 by Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia, is looking to use the funds to expand its core team, enhance technology and strengthen logistics. The focus is also to expand its consumer base 10 times and increase per-customer spending by 2.5 to 3 times over the next two to three months.
Milkbasket delivers over 3,000 products that include milk, bread, eggs, butter, juices and other daily essentials to its users.
At a time when grocery delivery and hyperlocal companies are struggling to get the unit economics right, Milkbasket has managed to keep its delivery costs under Rs.5 per delivery and employs delivery boys on a part-time basis, from 4 am to 7 am in the morning. In the next six months, it aims to grow to a 250 strong organization with 80% of its workforce in logistics.
“Milkbasket represents the second generation of Indian e-commerce startups strongly educated by the mistakes of its large predecessors and relatives. The company has moved from covering 1 cluster to covering 15 clusters with negligible marketing budget and got profitable from early stages,” said Anjli Jain, managing partner, EVC Ventures.