Active Stocks
Thu Jun 20 2024 15:56:35
  1. Tata Steel share price
  2. 182.35 1.28%
  1. HDFC Bank share price
  2. 1,669.00 0.66%
  1. ITC share price
  2. 423.35 -0.08%
  1. Tata Motors share price
  2. 978.10 0.07%
  1. State Bank Of India share price
  2. 843.80 -1.03%
Business News/ Companies / Start-ups/  Milkbasket raises $5.5 million funding led by Inflection Point Ventures
BackBack

Milkbasket raises $5.5 million funding led by Inflection Point Ventures

Existing investors Blume Ventures, Kalaari Capital, Mayfield India, Unilever Ventures and BeeNext have also participated in the Series B round
  • The valuation at which the funds were raised was not disclosed. Milkbasket has raised over $33 million in funding so far
  • Anant Goel, co-founder and CEO, MilkbasketPremium
    Anant Goel, co-founder and CEO, Milkbasket

    NEW DELHI:Grocery delivery platform Milkbasket on Monday said it has closed a fresh round of investment of USD 5.5 million (around 41 crore) led by Inflection Point Ventures.

    Existing investors Blume Ventures, Kalaari Capital, Mayfield India, Unilever Ventures and BeeNext have also participated in the Series B round, a statement said.

    The valuation at which the funds were raised was not disclosed. Milkbasket has raised over USD 33 million in funding so far.

    "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," Milkbasket co-founder and CEO Anant Goel said.

    He added that these funds will "provide a further boost in our efforts to achieve the same and necessary buffers to deal with any eventualities".

    Milkbasket currently serves over 1.3 lakh households and offers over 9,000 products across fruits and vegetables, dairy, bakery and other FMCG categories. It is currently operational in Gurugram, Noida, Dwarka, Ghaziabad, Hyderabad and Bengaluru.

    "...Milkbasket has a very lean delivery model using the milk-run concept that enables them to run a very efficient and cost-effective supply chain. This will help them become profitable very soon and first among the various competitive players in the market," Vinay Bansal, Founder CEO of Inflection Point Ventures said.

    3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

    Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 22 Jun 2020, 06:05 PM IST
    Next Story footLogo
    Recommended For You