Milkbasket raises $10.5 million from Unilever Ventures, others

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Grocery delivery service provider MilkBasket on June 4 said it has raised $10.5 million in a round led Unilever Ventures soon after raising Rs 20 crore in debt from Sachin Bansal’s firm BAC Acquisitions (BACQ). Mayfield India, Kalaari Capital Blume Ventures and few Indian family offices also participated in the current round.

“We are steadily and surely moving towards our goal of achieving $1 billion ARR in 2021. Together with investing in talent and geographic expansion, Milkbasket continue to invest in customer centric innovation, and this funding will help us focus on all the three areas to build a national market leader in online grocery,” 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.

However, now 70 percent of Milkbasket’s revenue comes from non-milk products.

It was founded by Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia and plans to become the default mom and pop shop for over a million households by 2021. Currently, it claims to be delivering to 100,000 households across four cities in India.

It also recently acquired Noida-based Veggie India for an undisclosed amount.

So far, Milkbasket has raised $26 million in equity funding from Mayfield Advisors, Beenext, Kalaari Capital, Unilever Ventures, Lenovo Capital (LCIH), Blume Ventures and undisclosed family offices.