Milkbasket bags $3 million funding from Unilever Ventures

0
549

Milkbasket, an online platform which delivers grocery items has received a $3 million funding in its Pre-Series A round, which was led by the investment wing of Unilever, Unilever Ventures.

Milkbasket, which was set up in 2015 to cater to the local needs of residents in Gurugram currently delivers items like eggs, milk, bread, butter, etc., with over 10,000 subscribers using its service. The invested amount is likely to be used to improve its technology, in addition to increasing the number of products in its portfolio.

Milkbasket
Milkbasket delivers essentials like milk and bread to the doorstep of customers before 7 a.m. each day.

This is the third round of funding received by Milkbasket, with it previously raising half a million dollars in 2016, followed by another round of funding in 2017.

Currently operating only in Gurugram, the company aims to expand to other cities like Bengaluru, Noida, Pune, and Hyderabad this year.

Using the model of pre-paid orders, Milkbasket delivers items before 7 a.m. each day, with its USP being contactless delivery. It aims to double its customer base this year, hoping to achieve 5X growth.

With the online delivery segment heating up, a number of investors have backed new companies. BigBasket, by far the biggest name in this segment is likely to invest around Rs.500 crore towards technology upgradation. Amazon also launched its two-hour delivery platform, Amazon Now in the country, with it catering to select areas in Bangalore, Mumbai, and Hyderabad.

LEAVE A REPLY

Please enter your comment!
Please enter your name here