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Last Updated : Apr 29, 2019 02:50 PM IST | Source: Moneycontrol.com

Milkbasket raises Rs 20 crore debt from Sachin Bansal's BACQ

Launched in early 2015, Milkbasket started off by delivering fresh milk to customers every morning.

Moneycontrol News @moneycontrolcom

Gurgaon-based grocery delivery startup Milkbasket has raised Rs 20 crore in debt from Sachin Bansal’s firm BAC Acquisitions (BACQ).

"Milkbasket is now working on the next set of innovations to further consolidate its market leader position across its fresh (fruit and vegetables) offering, automating the daily delivery supply chain and reducing go to market time for multi-city expansion. These funds would provide us with the needed CAPEX and R&D investments in all the three domains," said Anant Goel, Co-Founder and Chief Executive Officer of Milkbasket.

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.

The company claims to have achieved positive unit economics within the first six months of the launch. Currently, it operates in Gurugram, Noida, Ghaziabad and Bengaluru.

So far the company has raised around $16 million from Mayfield Advisors, Beenext, Kalaari Capital, Unilever Ventures, Lenovo and Blume Ventures.

It also recently acquired Noida-based Veggie India for an undisclosed amount to further deepen its footprints in Delhi NCR.

According to CRISIL, the online retail market in India is expected to grow 250 percent to touch Rs 1.8 lakh crore by 2020 fiscal.
First Published on Apr 29, 2019 02:50 pm
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