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Grocery delivery startup Milkbasket raise $3 million funding from Unilever Ventures

Grocery delivery startup Milkbasket raise $3 million funding from Unilever Ventures which is the investment firm of Unilever.
BY BEx Bureau
BusinessEx
Jan 24, 2018

Indian e-grocery market is expected to grow at a rate of 26 per cent in the timeframe of 2015-2019, as per technavios research report. In this market, the recent development is that a micro-delivery grocery startup has raised $3 million funding from venture fund Unilever Ventures.

In 2015, Gurugram-based startup Milkbasket, owned and operated by AAIDEA Solutions was founded by Anant Goel,Ashish Goel,Anurag Jain andYatish Talvadia. The startup delivers daily need grocery items like bread, milk, eggs, butter, etc at the doorstep of the customer without any extra charge of delivery. The startup plans to use the raised capital to improve its technology, expand customer base and also monetise other streams of revenue, said a statement.

"At present, Milkbasket is growing exponentially and has become a popular brand in the city of Gurugram. Our vision is to become a strong player in online top-up groceries platform in India within the next five years, and we strongly believe that this is an important milestone in our journey,"Anant Goel, CEO of Milkbasket.

Olivier Garel, Head of Unilever Ventures, said: "Milkbasket's approach, leveraging Indian consumer habits and preferences, bringing convenience and attractive unit economics is definitely one of them."

He also stated that the venture fund aims to support some of the most disruptive emerging commerce models.

In 2017, Milkbasket also raised funding in pre-series A round of funding led by Blume Ventures, Lenovo Capital and Incubator Group (LCIG). In 2016, the startup has also secured $500,000 funding in a round led by EVC Ventures, Zhu Dao Investments, and angel investors like Peter Zou, Peesh Chopra, Vikas Banga and Manav Kamboj also took part in the funding round.

In 2017, other grocery delivery startups like DailyNinja, MrNeeds, Town Essentials and RainCan has also raised seed funding.

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