Unilever Ventures, others put $10.5 million in MilkBasket

BENGALURU: Grocery and milk delivery startup Milkbasket has raised $10.5 million, led by existing investor Unilever Ventures along with Mayfield India, Kalaari Capital, Blume Ventures and a few Indian family offices.

In April, the company picked up Rs 20 crore in venture debt, led by Flipkart cofounder Sachin Bansal’s BAC Acquisitions. The Gurugram-based startup has, in total, raised roughly $26 million.

“We are moving towards our goal of achieving $1 billion average recurring revenue in 2021. Together with investing in talent and geographic expansion, Milkbasket continues to invest in customer-centric innovation,” said Anant Goel, the company’s CEO.


Launched in early 2015, Milkbasket enables customers to order from a limited selection of grocery items and milk through the day until midnight, with packages delivered to homes before 7 am the next day. In more cost-effective than hyperlocal delivery where there are multiple delivery slots.

Even though these companies operate on lower ticket sizes, they attract potentially high-repeat users and instil habit formation in customers. More than 70% of Milkbasket’s revenue comes from non-milk products.

These companies also compete with Amazon and Flipkart as well as on-demand players like Dunzo, Swiggy Store and local kirana stores for a share of the customer’s grocery spend.