Milkbasket raises USD 2.16 million from series B funding round

Date: 2019-06-28   Author: Pankaj Singh  Category: #news

Milkbasket raises USD 2.16 million from series B funding round

The raised funds will be used to invest in geographical expansion, technological advancements and hiring.

Milkbasket, a daily micro-delivery service start up based in Gurugram has reportedly raised $2.16 million debt from Innoven Capital. With this series B funding round, the firm has effectively raised a total of $12.7 million so far.

Citing reliable sources, an amount of $10.5 million was raised by Unilever Ventures as a part of series B round of funding. Kalaari Capital, Mayfield India, Blume Ventures and few Indian companies also participated in the round. With this, the cumulative funds raised by Milkbasket account to $28.16 million.

Cofounder and CEO of Milkbasket, Anant Goel was reportedly quoted stating that the raised amount will be used to invest in geographical expansion, technological advancements and hiring.

In recent news, the company announced to have acquired Veggie India – a Noida based grocery delivery startup after it announced an investment of INR 10 crores ($1.44 million) to accelerate its fresh fruits and vegetables segment.

For the record, in 2015, Milkbasket was founded by Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia in order to cater to the household grocery needs. Apparently, the company serves over 100k households and claims to have achieved positive results within the first six months of operations.

Reportedly, the online grocery sector is expected to rise at an exuberant pace in the years to come. Several e-commerce giants like Amazon and Flipkart are constantly pushing the growth of this sector, trying to establish a place for themselves. However, online grocery sellers like Bigbasket and Grofers are nearing $1 billion valuation thus creating strong competition in this market.

Ashish Sharma, CEO, InnoVen Capital was quoted stating that the micro delivery sector is a huge market offering convenience to the customers in meeting their daily requirements.

As per trusted sources, the terms of deal have not been disclosed so far.

Source Credits: https://inc42.com/buzz/milkbasket-closes-series-b-funding-round-with-debt-from-innoven-capital/

https://m.dailyhunt.in/news/india/english/inc42-epaper-inc/milkbasket+closes+series+b+round+with+a+final+2+16+mn+from+innoven+capital-newsid-121994552



About Author


Pankaj Singh linkdin-boxtwitter

Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

Read More

Post Recommendents

Vinyl Sports Flooring Market Analysis, Status and Global Outlook 2021 to 2026

Author: Partha Ray

Vinyl Sports Flooring market report provides in-depth information about growth catalysts, profitable prospects, restraints, and Covid-19 impact which will influence the growth rate through 2026.

The new Vinyl Sports Flooring market resea...


PVC Sport Flooring Market Trend, Technology Innovations and Growth Prediction 2021-2026

Author: Partha Ray

According to business intelligence report on PVC Sport Flooring market, Covid-19 pandemic will have lasting impact on industry sphere, based on which growth matrix for 2021-2026 is formulated.

The new PVC Sport Flooring market research r...


Wood Fasteners Market 2021 Increasing Demand, Growth Analysis, and Strategic Outlook -2026

Author: Partha Ray

Wood Fasteners market study conducts comparative analysis of historical data and present trends, while considering the impact of Covid-19 pandemic to predict industry valuation by 2026.

The new Wood Fasteners market research report deliv...