Milkbasket, a micro-delivery platform for groceries, has secured Series A funding of $7 million led by Kalaari Capital with participation from Singapore based BeeNext and its existing investors, Unilever Ventures and Blume Ventures. The company said that it will use these funds for further to strengthen its supply chain efficiencies & last mile logistics and improve customer experience. The startup also plans to expand into other geographies while penetrating deeper in existing communities. Anant Goel, CEO at Milkbasket added that this funding will help the company to continue investing in the 3Ts - talent, technology and territory. 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 about 5,000 products and serves over 40,000 households in 180+ communities in Gurgaon. The company registers pre-paid 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 am to 7 am. Milkbasket follows the hybrid business model, in which products are sourced from neighbourhood stores, in addition to the company’s own stock. Previous Funding In January, it secured a $3 million investment in a Pre-Series A Round from Unilever Ventures, the investment arm of FMCG major Unilever, and its existing investors. In August 2017, it received $500,000 led by Blume Ventures and Lenovo Capital and Incubator Group (LCIG). A week after of which, EVC Ventures, a venture capital fundraiser and accelerator based in Chicago, sold their stake from…
