Milkbasket, the world’s first micro-daily-delivery service and one of India’s biggest grocery delivery startups, has achieved profitability in the city of Gurugram, its largest customer base and contributing 50% of the monthly revenue.
Anant Goel, Co-Founder and CEO, Milkbasket, said, “Milkbasket’s contrarian model has been a mystery to many with individuals going to the limit of discrediting our unit economics and how they will behave at scale! This puts an end to it all. We are profitable in Gurgaon and other cities shall follow soon.”
Milkbasket caters to the grocery needs of over 150k households daily in Gurugram, Noida, Delhi & Bangalore and delivers around 75,000 orders every day before 7 am. The company has a fulfillment rate of 99.6% and has a daily revenue of over Rs 1 crore.
“This is a culmination of sheer passion, focus and discipline by the Team Milkbasket, lots and lots of love from our customers and huge trust placed in us by our investors. I’m further glad to share that this is in line with our aim to achieve overall business profitability in CY20. We are getting there sooner than later,” he further added.
Business of Milkbasket
Currently, the company offers delivery of over 9,000 products ranging from entire household grocery, dairy, fruits and vegetable categories. Milk, the anchor offering of Milkbasket, now contributes less than 25% of total sales, the second largest category, with FMCG being the largest category at 35% and fruits & vegetables being the third-largest at approx 20%.
Milkbasket is a household name for all milk, meat and vegetable & fruits daily delivery. The company’s recently launched meat and in-hand delivery has received an encouraging response.
Founded in 2015 by Anant Goel, Ashish Goel, Anurag Jain, and Yatish Talvadia, Milkbasket has raised $28.2 million from Mayfield India, Beenext, Kalaari Capital, Unilever Ventures, Lenovo Capital, Blume Ventures and Innoven Capital.
What’s shaping the Grocery Market
The grocery market in India has come a long way from the erstwhile Kirana shops to the mega-marts of today. The emergence of larger chains and stores began around 2005 and the sector has since grown to over 4,900 supermarkets and 500 hypermarkets across the country.
The factors responsible for the influx of grocery franchises are the Quality of products, the location of the grocery chain, the price of products at the grocery chain, the product range at the grocery chain, and service at the grocery chain.