After closing a $3 million deal from Unilever Ventures in January this year, Milkbasket, daily grocery delivery service, has announced the closure of $7 million in Series A funding led by Kalaari Capital with participation from Singapore based BeeNext and its existing investors, Unilever Ventures and Blume Ventures.
During the previous funding in January the company had announced its expansion plans and planning to hire 2000 employees in the financial year 2018-19.
This new funding is another step towards that goal. The company is going to use these funds for further innovations in supply chain efficiencies and last mile logistics, creation of unique customer propositions and delivering exceptional customer experience, and expand into other geographies while penetrating deeper in existing communities.
Speaking on the funding, Anant Goel, CEO, Milkbasket said, “We are very excited to have Kalaari and BeeNext join us in the journey to crack the online grocery space in a sustainable manner. This funding will help us to continue investing in the 3Ts that we hold close to our hearts - talent, technology and territory, and in achieving our vision to create the most convenient grocery fulfillment model for today’s busy households.”
Started in early 2015, Milkbasket introduced an early morning, contactless, micro-delivery model akin to the prevalent newspaper and milk supply chain models in India. Starting with milk and breakfast products, Milkbasket today fulfills the entire grocery needs of a household with a reach of over 40,000 households in 180+ communities in Gurgaon.
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