After becoming overnight billionaires following the exit from Flipkart, Sachin Bansal has been on an investment spree. He has invested in strings of startups including ride hailing major Ola. Now the latest startup to enter Bansal’s investment portfolio is grocery and milk delivery startup MilkBasket. According to reports, Bansal’s investment firm BAC Acquisitions has invested Rs 20 crore in MilkBasket through venture debt route.
The new funding round will help MilkBasket to compete with other well-funded rivals like Dailyninja, Milkman and Suprdaily. Investment in micro and milk delivery space has increased substantially over the last one year, reflecting investment community’s optimism about the nascent industry. This optimism can be gauged from the fact that last year big unicorn player like Swiggy had acquired Suprdaily. The foodtech major hopes to make a sizeable dent in the lucrative milk delivery market with this acquisition.
Although milk delivery companies have to cope with pressures of wafer thin profit margin, they are trying to offset this disadvantage by leveraging potentially high-repeat customers.
MilkBasket till date has raised nearly $15 – 20 million from several high profile investors like Kalaari, Mayfield Fund, Blume Ventures, Unilever and others. Apart from milk, the Gurgaon based startup also delivers grocery items and other daily essentials at customer’s doorsteps. The company was started in early 2015 by Anant Goel, Anurag Jain, Ashish Goel, Ekwe Chiwundu Charles and Yatish Talavdia
As per MilkBasket’s latest ROC filing, the Gurgaon Company clocked Rs 35 crore in revenue in FY18 and boosts 400,000 customer across the country. The company also claims that it has delivered over 10 million orders since its inception.
MilkBasket’s investment marks BAC Acquisitions’ maiden investment in the milk delivery space. Bansal’s firm has so far invested in couple of NBFC companies.