Milkbasket raises US$ 5.5 million funding led by Inflection Point Ventures

Milkbasket, a grocery delivery platform, has raised US$ 5.5 million as a part of its ongoing series B round led by the Inflection Point Ventures.

The round also saw participation from existing investors including Blume Ventures, Kalaari Capital, Mayfield India, Unilever Ventures and BeeNext.

Though, the valuation at which the funds were raised was not disclosed.

So far, Milkbasket has raised over US$ 33 million in funding.

"This is probably our last fundraise on our path to profitability – that we target to achieve in 2020. Our Gurgaon, Noida and Bengaluru operations are already breaking even with other cities on an accelerated track," Milkbasket co-founder and CEO Mr Anant Goel said.

He added that these funds will "provide a further boost in our efforts to achieve the same and necessary buffers to deal with any eventualities".

Presently, Milkbasket serves over 1.3 lakh households and offers over 9,000 products across fruits and vegetables, dairy, bakery and other FMCG categories. The company is operational in Gurugram, Noida, Dwarka, Ghaziabad, Hyderabad, and Bengaluru.

"...Milkbasket has a very lean delivery model using the milk-run concept that enables them to run a very efficient and cost-effective supply chain. This will help them become profitable very soon and first among the various competitive players in the market," Mr Vinay Bansal, Founder CEO of Inflection Point Ventures said.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.