EVC Ventures, a venture capital fundraiser and accelerator based in Chicago, has sold their stake from Milkbasket, a micro-delivery service that delivered household grocery items. The VC firm mentioned that the earned an internal rate of return of 200%, within a year of its investment.
The company, however, did not mention how much equity stake it held in Milkbasket. This week, Milkbasket had raised $500,000 in the pre-series A round of funding. The funding was led by Blume Ventures and Lenovo Capital and Incubator Group (LCIG), followed by a round in December, where they secured investment from Hofan Capital and Draphant.
Based out of Gurgaon/NCR, Milkbasket was founded by Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia in 2015. Initially only offering milk, the subscription-based delivery platform now provides over 3,000 products. Serving over 15 clusters across the city, each cluster has a base of around 500 customers. With over 5,000 orders in a day, which can be amended till midnight before the delivery is scheduled, and the delivery can be scheduled anytime between 4 to 7am. Milkbasket follows the hybrid business model, in which products are sourced from neighbourhood stores, in addition to the company’s own stock.
Milkbasket’s major competitors are SatvaCart, GrocerMax, Grofers, and BigBasket, among others.
- SatvaCart, which is backed by Nimit Panigrahi. It also follows the hybrid business model,
- GrocerMax, which was acquired by the Tata Group earlier this year, in order to enter the online grocery business.
- Grofers, which doubled its gross sales earlier this month. It was reportedly in talks with BigBasket for a merger earlier this year.
- The market leader remains BigBasket, which was reportedly in talks with Alibaba and PayTM for a 20% stake in the company.