Milkbasket gets $7m in series A

Chennai: Daily grocery delivery startup Milkbasket has raised $7 million in a series A funding led by Kalaari Capital with participation from BeeNext, a Japanese fund and its existing investors, Unilever Ventures and Blume Ventures.

Commenting on the investment, Vani Kola, MD, Kalaari Capital said, “Strong founding team, focus towards data-based decision making, operational rigour, and incessant focus on customer delight, backed by a large market opportunity in the grocery space culminated into us leading a $7M series A round into Milkbasket.” Founder and CEO Anant Goel added that the company is going to use the funds for further innovations in supply chain efficiencies and last mile logistics, hiring additional talent and expand into additional territories. He further added, “We are very excited to have Kalaari and BeeNext join us in the journey to crack the online grocery space in a sustainable manner. This funding will help us to continue investing in the 3Ts that we hold close to our hearts - talent, technology and territory, and in achieving our vision to create the most convenient grocery fulfilment model for today’s busy households.”

Teruhide Sato, founder of BeeNext, said, “Our investment in Milkbasket provides us with meaningful participation in one of the fastest growing e-grocery markets globally.”

The company had earlier raised $3 million in a pre-series A funding from Unilever ventures and others in January 2018.


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