Gurugram-based venture capital firm Inflection Point Ventures has joined Milkbasket’s $5.5 million Series B round with a $1.9 million investment.
Last month, TechCircle reported that the micro-delivery company raised $5.5 million (Rs 41.36 crore) in an internal round of funding from returning investors Kalaari Capital, Mayfield India, Blume Ventures’ Opportunity Fund IIA, Unilever Ventures and Beenext, apart from an undisclosed Indian family office investor.
Milkbasket will use fresh funds to meet working capital needs and expand its business, the company had said its regulatory filings last month.
Inflection Point claims to be the only angel network platform in India to lead a Series B round in a startup. The venture, launched in 2018, has been betting on startups across sectors such as health-tech, delivery, edtech and telemedicine.
"We believe that Milkbasket has a unique customer-centric model and enjoys a very high degree of loyalty from its customers. Their understanding and application of technology which helps them execute single day deliveries and even accept orders till midnight gives them an edge over other players operating in the same category, Vinay Bansal, founder and CEO of Inflection Point Ventures said in a statement.
Milkbasket claims to serve over 130,000 households with 9000 products across fruits, vegetables, dairy, bakery and other fast-moving consumer goods categories. It currently operates in Gurugram, Noida, Dwarka, Ghaziabad, Hyderabad and Bengaluru.
Founded in 2015 by Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia, Milkbasket started as a daily milk delivery service, but expanded to other categories including grocery and staples, which currently account for 70% of its revenues.
"This is probably our last fundraise on our path to profitability – that we target to achieve in 2020. Our Gurugram, Noida and Bengaluru operations are already breaking even with other cities on an accelerated track. These funds will provide a further boost in our efforts to achieve the same and necessary buffers to deal with any eventualities,” Goel said.