Gurugram-based micro-delivery grocery service Milkbasket has raised closed to Rs 10 crore ($1.37 million at current exchange rates) in a fresh funding round from US-based venture capital firm Mayfield Fund, two persons directly familiar with the development told TechCircle.
Aaidea Solutions Pvt. Ltd, which operates Milkbasket, raised this sum from Mayfield India. Nikhil Khattau, managing director at the VC firm also joined the startup’s board as part of the deal, one of the persons mentioned added.
The other person mentioned above said that Milkbasket raised this sum at a valuation of $22-23 million (Rs 161-168 crore). It is not clear whether this capital raise is part of a larger funding round or an extension of the startup’s Series A round announced in May this year.
E-mail queries sent to Anant Goel, co-founder and chief executive of Milkbasket, and to Mayfield Fund India, seeking more information on this investment round did not elicit a response at the time of filing this report.
In May this year, Milkbasket raised $7 million (Rs 47 crore) in a Series A funding round led by early-stage investment firm Kalaari Capital.
In January this year, it secured $3 million (around Rs 19 crore) from Unilever Ventures, the investment arm of FMCG major Unilever, with participation from existing investors.
US-based Mayfield, which typically participates between the seed and Series A stages, has been investing in India since 2006, according to information available on its website. Its focus areas include consumer and business sectors across non-tech, tech-enabled, and technology verticals.
Its other investments in India include digital lending Lendingkart, meat and fish ordering platform Licious, food-tech startup Box8, logistics startup Emiza, cloud-based telephony services provider Knowlarity, online trip planning platform Triphobo and ad-tech firm Amagi among others.
The venture was founded in 2015 Goel along with Ashish Goel, Anurag Jain and Yatish Talavadia. Unlike larger players in the online grocery segment like BigBasket, Grofers, Amazon and Flipkart, Milkbasket positions itself as the online version of local mom-and-pop grocery stores, only with more stock keeping units.
BigBasket, Grofers, Amazon and Flipkart lean towards fulfilling the ‘stock-up’ needs of a household, which are planned and are bought less frequently, usually from bigger format stores. Milkbasket caters to the top-up fulfillment needs of a household, which refers to items bought at a higher frequency, at a lower volume and fulfilled by the local ecosystem. It leans more towards perishables, but also includes a lot of non-perishables.
The three-year-old startup, which started off by delivering milk, bread and eggs, has since expanded its business to a whole range of daily groceries and now gets more than 11,000 orders a day, having more than 5,000 SKUs. Recently, the company has also expanded its operations to Noida, according to information available on its website.