your password has been reset successfully, Please login again.

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.

Please add your Comment
SIMILAR News
August 06, 2018
Nearby Technologies allows lakhs of retailers and merchants to offer bill payment service to their c ...More
By Shah Mohsin
August 06, 2018
The lender will deploy the funds to expand its presence across its already established markets as we ...More
By Shah Mohsin
August 04, 2018
The fresh funds will be used to accelerate product development, reach more customers and for client ...More
By Shah Mohsin
August 03, 2018
Ziffy Technologies run ZiffyHomes is functional only in Delhi-NCR and is looking to venture to other ...More
By Shah Mohsin
August 03, 2018
The startup will use the funds to ramp up its bandwidth capabilities. ...More
By Shah Mohsin
August 02, 2018
The company sold 50,000 cases across rum and brandy in FY18 and is looking to sell over 2 lakh cases ...More
By Shah Mohsin
August 02, 2018
The 50-member startup, offers two flagship products a chatbot for sales and support, and a business ...More
By Shah Mohsin
August 01, 2018
The Rs 300 crore new pump in of the funds marks the maiden NCD transaction with mutual funds with Le ...More
By Shah Mohsin
July 31, 2018
The announcement comes a month after Five Star had received investment offers from two PE firms incl ...More
By Shah Mohsin
July 31, 2018
The software supports eight regional languages, works offline and has a light SDK (software develope ...More
By Shah Mohsin
July 31, 2018
The Mumbai-based firm said it will consume the raised capital fortify its existing product portfolio ...More
By Shah Mohsin
July 30, 2018
Prime Minister Narendra Modi, felicitated Infosys' upcoming facility, as part of the 'Rising UP, Pow ...More
By Shah Mohsin