Milkbasket raises $10.5 million in latest funding round

Milkbasket, the grocery delivery startup, has raised an additional $10.5 million in its latest round of funding led by Unilever Ventures. The round has also seen participation from Mayfield India, Kalaari Capital, and Blume Ventures and few Indian family offices.

Anant Goel, Co-Founder and CEO, Milkbasket, said, "While the industry is witnessing a number of players adopting our model, this funding, our largest fund infusion till date, is a testament to our robust execution, the team and continued trust of our investors in the growth of Milkbasket."

Over 70% of Milkbasket’s revenue comes from non-milk products, from the wide assortment of more than 8,500 stock keeping units. The startup has launched its services in four cities across India within the last six-seven months. 

"We are steadily and surely moving towards our goal of achieving USD 1 billion annual recurring revenue in 2021. Together with investing in talent and geographic expansion, Milkbasket continues 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," Goel further stated.