Milkbasket, India's first and largest daily top-up grocery delivery service, has announced an additional infusion of $7 million to its Series A funding, led by Mayfield Advisors, a US-based venture capital firm. The round brings Milkbasket's total Series A funding to $14 million, and includes participation from existing investors, Kalaari Capital, BeeNext, Unilever Ventures and Blume Ventures.
Nikhil Khattau, MD, Mayfield India, said, "We are excited to support the Milkbasket team in chasing their impressive mission of making grocery delivery as hassle-free as possible. Regarded as the future of the industry, the company's pioneering model has reinvented the everyday lives of its customers."
"Grocery delivery industry in India is a specialist play, and Milkbasket's demonstrated expertise, and acceptability makes us confident about the company’s exceptional growth potential," Nikhil added.
Anant Goel, Co-founder & CEO of Milkbasket, stated, "In 2015, Milkbasket was created as India’s first micro-delivery service for today’s busy households to fulfill their grocery needs – by eliminating the hassles associated with the traditional offline and online grocery buying. We have since delivered over 5 Million orders and are proud to make a positive impact in the lives of over 50,000 families."
"The backing from Mayfield validates our model and acknowledges the scale of our ambition. The funding will accelerate our goal of making Milkbasket synonymous to grocery delivery, nationally. The funds will also enable us in investing adequately in developing the technology and hiring for the next growth phase," he further said.
This is the 3rd investment round announced by the startup in 2018. It announced a Series A fund raise led by Kalaari Capital in May this year. In January, it announced a pre-Series A investment by Unilever Ventures, Blume Ventures and Lenovo Capital.