Unilever invests Rs19cr in startup Milkbasket

NEW DELHI:

Unilever Ventures

, the investment arm of consumer packaged goods giant Unilever, has invested around Rs 19 crore in Gurgaon-based microdelivery grocery startup

Milkbasket

, upping its stake in small and medium-sized domestic companies to gain insights into consumer behaviour and disrupting technology in India.

This is one of the several investments by the venture capital and private equity arm of

Unilver

in an Indian company. The other notable ones being Chennai– headquartered water solutions provider Morf, Karnataka-based ice cream and dairy brand Hangyo and Mumbai-based startup Peel-Works.

“The fund looks to invest in startups that will be leaders in personal care and digital transformation,” said a spokesperson for

Hindustan Unilever

(HUL), the Indian subsidiary of the British multinational. For instance, despite a clutch of promising online grocers, including Peppertap, shutting shop in India, Milkbasket has carved out a niche for itself with a unique business model that allows its team to deliver milk and daily groceries at consumers’ doorsteps by 7am, only in Gurgaon.

“The endorsement from

Unilever

Ventures is an important mark of confidence in our potential,” said Anant Goel, CEO of Milkbasket. “Our vision is to become a strong player in online top-up groceries platform in India within the next five years.”

After the deal, Milkbasket will be able to use Unilever’s expertise to beef up its back-end and expand its assortment, and the FMCG major will be able to tap into a “disruptive and emerging” commerce model that leverages the habits and preferences of Indian consumers.

Even in the case of Peel-Works, a company in which Unilever Ventures had reportedly picked up a stake for an undisclosed sum, it gave the consumer goods giant an opportunity to delve into insights on how products move in the supply chain till the end-consumer.