Interestingly, this comes soon after the company announced that the proposed investment from Sachin Bansal’s debt fund BACQ fell through.
Milkbasket raised debt of Rs 15 crore from Innoven Capital as it continues to grow operations across India.
Interestingly, this comes soon after the company announced that the proposed investment from Sachin Bansal’s debt fund BACQ fell through.
“The fresh investment positions us firmly for continued growth and we will be investing substantially in geographical expansion, new technological advancements and hiring through the year,” said Anant Goel, founder and chief executive officer.
Launched in early 2015, Milkbasket started off by delivering fresh milk to customers every morning. Founded by Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia, the company’s vision is to become the default mom-and-pop shop for over a million households by 2021.
So far the micro-delivery service has raised around $26 million from Mayfield Advisors, Beenext, Kalaari Capital, Unilever Ventures, Lenovo and Blume Ventures.
“The micro-delivery space is a large and addressable market, offering convenience to customers for their daily requirements. The model inherently has high customer stickiness and potential to increase the basket size over time,” said Ashish Sharma, chief executive officer of InnoVen Capital.
