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<ul><li>In an interview with Business Insider, Anant Goel, CEO and co-founder, <keyword id="4085901" type="PERSON" weightage="20" keywordseo="Milkbasket">Milkbasket</keyword> talks about why he doesn’t want to offer discounts to his customers. </li><li>The company is averaging 75,000 orders a day with over 2,250,000 in a month. </li><li>It aims to hit $100 million run rate by the end of the current financial year.</li></ul><keyword id="2709620" type="PERSON" weightage="20" keywordseo="grocery-delivery">Grocery delivery</keyword> startup Milkbasket has its head in the game. It is forecasting to hit $100 million in revenue by the end of the current financial year. Today, the Indian grocery space is crowded with multiple players and newly turned unicorns like <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">BigBasket</keyword>, soonicorns like Grofers. Even food delivery unicorns like Swiggy too are entering the sector. Milkbasket insists on growing without discounts However, while all of these new and old startups are trying to offer discounts and faster delivery options to lure consumers, Milkbasket is adamant. It doesn’t believe in discounts and has only a single slot delivery at 7 am in the morning. “That’s how you build a business, not by burning money. For any B2C business, you can always spoil the customer, but can you make money while doing it? Is it sustainable? We have always tried to strike the balance,” Anant Goel, CEO and co-founder, Milkbasket told Business Insider. So, the four-year-old startup has built a loyal consumer base, without having to give in to the new age trends. It serves 1.5 lakh households across 5 cities (Delhi, Noida, Gurgaon, Ghaziabad and Bengaluru). The company is averaging 75,000 orders in a day with over 2,250,000 in a month. “We now aim to hit $100 million run rate by the end of the current financial year, we are currently at $60 million,” said Goel. Investors aid Milkbasket’s growth story It has also been a good year for Milkbasket. There was a possible funding from Sachin Bansal’s BACQ Acquisitions. However Milkbasket and Bansal’s firm had issued a joint statement they weren’t going ahead with it. Later, it closed its series B round with $12.7 million. The series B investment includes $10.5 million led by Unilever Ventures and participation from Mayfield India, Kalaari Capital, and Blume Ventures and few Indian family offices and Innoven Capital. And Goel credits it all to doing things differently. “Lots of competition has come in, which was not there earlier or were smaller till last year. Competition in new shapes and forms with big money, chasing us and our customers,” Goel said with a laugh and added, “But we are sure about our model – a sustainable supply chain that can deliver groceries to you.” Busting the myth Goel also busts a myth for us. Contrary to popular belief, Milkbasket has always been into groceries and not just milk. But its name makes people think otherwise. However, the name too has a direct connect to their business model. “When we started grocery in 2015, there were about 200 startups in the space. We asked customers what they want from online grocery startups and they all said discounts. But we are not here to give away discounts. Milkbasket the name came about because milk is a commodity for which you don’t ask discounts, instead you pay more to get it delivered to your house and you are happy to do so,” he said.

Milkbasket refuses to bow down to discounts – aims to hit $100 million by March

<ul><li><keyword id="2709620" type="PERSON" weightage="20" keywordseo="grocery-delivery">Grocery delivery</keyword> startup <keyword id="4085901" type="PERSON" weightage="20" keywordseo="Milkbasket">Milkbasket</keyword> has acquired the Noida-based <keyword id="7465623" type="UNKNOWN" weightage="20" keywordseo="Veggie-India">Veggie India</keyword> for an undisclosed amount. </li><li>The founders of Veggie India along with the team would be joining Milkbasket. </li><li>Milkbasket had last raised a funding of $7 million in December, 2018.</li></ul>Groceries delivery startup Milkbasket has gone on to acquire one-year-old startup Veggie India for an undisclosed amount. With the acquisition, the founders of the Noida-based Veggie India Jainendra Upadhyay and Shailendra Upadhyay as well as all of their employees will be joining Milkbasket. This is also Milkbasket's first acquisition since their launch in 2015. Veggie India, which was launched in 2018, operates in Noida and Ghaziabad mainly for delivery of vegetables and fruits, according to its website. “The acquisition is in line with our growth plans for 2019 and adds further strength and distribution capabilities to the existing business,” Anant Goel, Co-founder and CEO of Milkbasket. Goel added that Milkbasket has an “aggressive growth plan.” In India, grocery delivery startups have been gunning for dominance in their fields. So, Milkbasket’s acquisition of Veggie Daily comes at a time when every other player like Big Basket or Grofers is upping their game as foodtech unicorn Swiggy enters the grocery delivery segment. In an official statement, the company said, “Having achieved positive unit economics within the first six months of the launch, Milkbasket is the most capital efficient model in the online grocery space as compared to its domestic and global peers.” With this acquisition, Milkbasket now has a customer base of over 100,000 households. Milkbasket, as its name gives it away, first gained popularity after its launch in 2015 for delivering fresh milk to Indian households and soon expanded their services to groceries too. Milkbasket has raised about $16 million from Mayfield Advisors, Beenext, Kalaari Capital, Unilever Ventures, Lenovo and Blume Ventures. Its last investment round was in December 2018, where it raised $7 million from US-based Mayfield Advisors at a <a href="https://www.vccircle.com/mayfield-leads-milkbasket-s-extended-series-a-round/">reported </a>valuation of about $30 million. See Also: <a href="https://www.businessinsider.in/swiggy-and-bigbasket-will-battle-softbank-and-mukesh-ambani-in-online-grocery/articleshow/68204293.cms">Online grocers are back in business in India with billions more to burn – and that may be good for consumers</a> <a href="https://www.businessinsider.in/delhivery-raises-395-million-from-softbank-enters-the-unicorn-club-of-india/articleshow/68287009.cms">Delhivery becomes India’s first unicorn in 2019, thanks to SoftBank</a>

Four years into the business, Milkbasket has acquired one-year-old startup Veggie India

New Delhi, Dec 3 () Daily grocery delivery platform Milkbasket on Tuesday said it has launched in-hand delivery service for fresh meats, which is expected to contribute 10-15 per cent of the company's bottomline as it aims to hit profits in FY21.
Milkbasket, which already offers delivery of over 9,000 products across FMCG, dairy, fruits and vegetables categories, currently has an average revenue run rate (ARR) of about USD 50 million.
"This is Milkbasket's first attended delivery service, given that all existing daily deliveries (over 75,000) are contactless. We have just started the service in Gurugram and are already receiving over 1,000 orders a day," Milkbasket CEO and co-founder Anant Goel said.
The company will soon launch in-hand delivery of fresh meats in other cities with its own private label, he added.
The service has been launched with a delivery charge rate of Rs 9 per delivery.
Goel said the service offers a high margin and "will contribute 10-15 per cent of the company's bottomline".
"The launch is part of our efforts to focus on profitability and given that this is a high margin category, we expect this to contribute 10-15 per cent to the bottomline... Dependent on various factors, we should hit profitability in FY21," he said.
Goel added that less than 25 per cent of its sales comes from milk, and fruits and vegetables are the second-largest category by sales. 
Milkbasket currently operates in Gurugram, Ghaziabad, Noida, Delhi, and Bengaluru. It has raised close to USD 26 million in equity funding from Mayfield India, Beenext, Kalaari Capital, Unilever Ventures, Blume Ventures, Lenovo Capital (LCIG), few family offices, and USD 2.2 million in venture debt funding by Innoven Capital. SR BAL

Milkbasket bets on new service to strengthen bottomline, eyes profits in FY21

New Delhi, Feb 16 () Grocery delivery firm Milkbasket is looking at bringing in private labels across categories like dairy, bakery and fresh produce, and expects about 40 per cent of its revenue to come from such products by the end of the year. The company has been "experimenting" with private labels and has seen a good response to these products, Milkbasket co-founder and CEO Anant Goel told . "We have been experimenting with private labels for a year across categories like eggs, pulses, whole spices and dry fruits. We are now looking at creating five separate brand lines for dairy, bakeries, food, non-food and fresh produce," he said. Goel added that sourcing of these items is under works, and brand name and other details will be formalised in the first half of the year. "Private labels are already contributing 20-22 per cent of revenues and we expect to double this, get to about 40 per cent by the end of the year," he said. Goel said the company has achieved an overall gross margin of 20 per cent for the business. "While the margin is higher in Gurugram, it is lower in cities like Hyderabad where we have just started. We expect this to improve and the overall numbers could be around 25 per cent by the end of the year," he added. By December 2020, the company expects its average revenue run rate to be upwards of USD 100 million (about Rs 710 crore). Milkbasket operates in cities like Gurugram, Ghaziabad, Noida, Delhi, Hyderabad and Bengaluru. The company has raised close to USD 26 million in equity funding from Mayfield India, Beenext, Kalaari Capital, Unilever Ventures, Blume Ventures, Lenovo Capital (LCIG), few family offices, and USD 2.2 million in venture debt funding from Innoven Capital. SR RSNRVK

Milkbasket bets on private labels, expects 40 pc revenue contribution by year-end

<ul><li><keyword id="4085901" type="PERSON" weightage="20" keywordseo="Milkbasket">Milkbasket</keyword> has raised ₹200 million in venture debt from <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword>’s firm <keyword id="7578713" type="UNKNOWN" weightage="20" keywordseo="bacq">BACQ</keyword>. </li><li>Earlier in March 2019, Milkbasket had announced the acquisition of Veggie India for an undisclosed amount. </li><li>The grocery space has been heating up in India, with Bigbasket joining the unicorn club and unicorn startup Swiggy having entered the segment.</li></ul><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> co-founder Sachin Bansal is back in the news. Bansal’s firm BACQ has invested venture debt worth ₹200 million into Milkbasket – a grocery delivery startup. Bansal, through BACQ, had earlier made an investment in digital lending platform Krazybee and a personal investment in Ola technologies. Venture debt is a type of debt financing given to early stage companies. "Milkbasket is now working on the next set of innovations to further consolidate its market leader position across it’s fresh (fruit &amp; vegetables) offering, automating the daily delivery supply chain and reducing go to market time for multi-city expansion. These funds would provide us the needed CAPEX and R&amp;D investments in all the three domains.” Anant Goel, co-founder and CEO, Milkbasket added. In March 2019, Milkbasket had acquired one-year-old startup Veggie India for an undisclosed amount. With the acquisition, the founders of the Noida-based Veggie India Jainendra Upadhyay and Shailendra Upadhyay as well as all of their employees had joined Milkbasket. The Gurugram-based startup Milkbasket had earlier raised about $16 million from Mayfield Advisors, Beenext, Kalaari Capital, Unilever Ventures, Lenovo and Blume Ventures at a <a href="https://www.vccircle.com/mayfield-leads-milkbasket-s-extended-series-a-round/">reported</a> valuation of $30 million. According to CRISIL, the online retail market in India is expected to grow 250% to touch ₹1.8 trillion by 2020 fiscal. The Indian grocery market has become a hot sector with bigwigs joining in the race. Milkbasket, which earlier focussed on delivery of milk and dairy products, had expanded its business to begin grocery delivery. Foodtech unicorn Swiggy too had announced its entry in the segment with Swiggy stores. One of the leaders in the space, Bigbasket had joined the unicorn club in March 2019 with a $2.3 billion valuation. See Also: <a href="https://www.businessinsider.in/bigbasket-joins-unicorn-club-with-a-fresh-investment-of-150-million/articleshow/68624890.cms">Indian grocery startup Bigbasket enters the unicorn club with a reported $2.3 billion valuation</a> <a href="https://www.businessinsider.in/milkbasket-strengthens-to-take-on-rivals-swiggy-and-bigbasket-acquires-veggie-india/articleshow/68590658.cms">Four years into the business, Milkbasket has acquired one-year-old startup Veggie India</a>

Sachin Bansal adds more to his cart, invests ₹200 million in Milkbasket

<ul><li>From <keyword id="2709620" type="PERSON" weightage="20" keywordseo="grocery-delivery">grocery delivery</keyword> to moving houses, the technology for pickup and drop services is significantly rising in the country. </li><li>There are over 1,000 logistics tech startups so far. </li><li>Here are the five <keyword id="8352712" type="UNKNOWN" weightage="20" keywordseo="logistics-apps">logistics apps</keyword> for your daily deliverables.</li></ul>The demand of easy access to facilities has given way to several logistics startups in India. Millennials now use apps for everything right from grocery ordering to moving houses, to pickup and drop services. According to the Indian Brand Equity Foundation, the logistics industry is expected to hit $215 billion by next year. There are over 1,000 logistics tech startups so far. Here are the five apps that are must-haves. <keyword id="3275685" type="PERSON" weightage="20" keywordseo="dunzo">Dunzo</keyword> Dunzo allows users to to order groceries and pet supplies from 1,500 stores nearby. The services are available across five cities — Bengaluru, Gurugram, Hyderabad, Chennai and Pune. The app supplies everything from salt packets to late night deliveries. It does not have any ‘minimum order’ restrictions and lets the user track the order in real-time. <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">Bigbasket</keyword> Bigbasket is a <keyword id="62452" type="PERSON" weightage="20" keywordseo="grocery-shopping">grocery shopping</keyword> app that delivers raw materials, organic products and fresh fruits and vegetables online. It allows users to pay via digital payment methods like net banking and e-wallets, thereby saving the hassle of cash payments for household essentials. Milkbasket Milkbasket grocery app will ease your morning hustle. The app delivers organic products including milk, eggs and bread, among others. The app provides free delivery everyday in the morning at 7 am. It also lets the user order till midnight. The services allow to choose from over 40 varieties of milk — including organic products and brands like Mother Dairy, Amul, Nestle. Grofers Grofers is an online grocery store delivering across 21 cities in India — including Delhi, Gurgaon, Mumbai and Bangalore. The app delivers products from brands like Patanjali, Ashirwad, Saffola and Fortune among others. The online store provides a range of baby care products, diapers and beauty products. Swiggy Food delivery platform Swiggy provides its user an option to buy grocery products via 'Swiggy Store.' The apps also allows instant pickup and delivery services to its customers with 'Swiggy Go'

​These five apps will save your time spent on milk and grocery runs

New Delhi, Mar 26 () Delivery of essential items via e-commerce continued to face challenges on the second day of the 21-day lockdown, with the industry urging government for uniform classification of essential items across various states. While the government has allowed delivery of all essential goods including food, pharmaceuticals and medical equipment through e-commerce, online platforms like Amazon India, Grofers, bigbasket and Milkbasket have been facing disruptions in delivery to their customers. According to a senior industry executive, who did not wish to be named, e-commerce companies are finding it difficult to procure passes for their logistics and delivery staff separately for each state. The person said the process is time-consuming and instead the government can look at alternate mechanisms like digital identity checks. Another industry expert pointed out that there is an urgent need for uniform classification of essential items across various states, and that instructions need to flow down clearly to the last mile, where the delivery agents are facing issues. E-commerce platforms have seen a spike in orders on their platforms in India over the past few weeks as people logged online to stock up on food and household products as well as office items like routers and cables (to work from home) on concerns around spread of COVID-19 infection and restrictions in public movement that have now been enforced. "We have seen high demand on the platform, and working towards making deliveries at the earliest in collaboration with our sellers. We're also expecting that following government intervention, inter-state transport movement will also stabilise in the next couple of days," Flipkart said in an e-mailed statement. On Wednesday, after temporarily suspending operations earlier in the day, Walmart-owned Flipkart resumed its grocery and essential services delivery after assurance of safe passage of its supply chain and delivery executives by local law enforcement authorities. Amazon had said it was working with government authorities to enable it to deliver essential items. Grofers, which initially saw some of its delivery staff getting arrested and over 60,000 deliveries affected, said it has resumed operations in Delhi, Gurgaon, Faridabad, Noida, Ghaziabad, Bengaluru, Ahmedabad, Lucknow and Kanpur with the help of local authorities. "For the remaining cities, we are working closely with the respective authorities and shall resume operations as soon as we get the necessary permissions. Our team members are working around the clock to ensure support towards our customers, who are counting on us for essential supplies at their homes," he added. Snapdeal said it has been keeping an eye on the developments, and has extended the timelines available to its sellers for shipping the orders received by them. "Snapdeal has extended the timelines available to its sellers for shipping the orders received by them. It has also communicated to its sellers that no cancellation charges or penalties will be levied if they are not able to ship in time or ship at all," Snapdeal said. Grocery delivery platform bigbasket said it is operational in cities like Ahmedabad, Bengaluru, Bhopal, Mumbai, Noida and Vadodara even though its services were affected by "severe restrictions imposed on the movement of our staff and vehicles". "...due to high demand, we are booked for the next 4-5 days, and this situation could continue if the demand continues to remain high," it said. It said for locations like Ghaziabad, Gurgaon, Hyderabad, Jaipur and Kolkata, bigbasket is hopeful of being operational in a day or two, while for cities like Chandigarh, Chennai, Delhi, Ludhiana, Pune and Vizag, it is not sure when it will resume operations. "In each of these cities, our operations are completely shut down due to severe restrictions imposed on our staff and the movement of vehicles. We have been trying to work with the local government authorities to get necessary permissions/permits to start our operations, but unfortunately, we have not been able to get the necessary help so far," it added. Another player, Milkbasket said it has been able to resume partial operations across Gurgaon, Noida and Bangalore. "Our Hyderabad operations are still shut," it said but added that it is hopeful of resuming services to all customers by Saturday or Sunday. SR MBI MKJ

E-tailers still facing delivery challenges amid coronavirus lockdown

<ul><li><keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> is the lead investor in <keyword id="2622993" type="PERSON" weightage="20" keywordseo="Ather-Energy">Ather Energy</keyword>’s latest round of funding where the startup has raised $51 million. </li><li>Bansal has been an investor in the startup since 2014. </li><li>The startup had made news for being one of India’s first startups to start manufacturing <keyword id="6354973" type="UNKNOWN" weightage="20" keywordseo="electric-vehicles">electric vehicles</keyword>. </li></ul>Sachin Bansal has made another big investment in the Indian startup ecosystem. This time he has returned as an investor on Bengaluru-based <keyword id="599176" type="ORGANIZATION" weightage="20" keywordseo="Electric-Bike">electric bike</keyword> startup Ather Energy. As an angel investor, Bansal had earlier invested $0.5 million in the startup way back in 2014. Ather Energy has raised $51 million in its latest round of funding which was led by Bansal. The electric bike startup had earlier raised funding from Hero MotoCorp and Innoven Capital. The startup had made news for being one of India’s first startups to start manufacturing electric vehicles. In June 2018, the startup’s first bike Ather 450 hit the market. According to the company’s official statement, Ather is now entering an aggressive expansion phase, with the opening of pre-orders in Chennai in the coming weeks, and eventually scaling to 30 cities by the end of 2023. The company is also planning to build a new manufacturing facility which will produce one million vehicles a year. Ather Energy will also set up 6500 Ather Grid fast charging points across the country over the next 5 years with a projected investment of ₹130 crores. “The traditional auto industry is up for a redefinition. Watching Ather closely since my early investment in 2014, I am convinced that the ecosystem that Ather is building with their products is the future of urban mobility. Their focus on end to end customer experience will open up new revenue opportunities and accelerate the adoption of electric vehicles in India,” said Sachin Bansal in a statement. Although Ather Energy’s bikes are at a higher price point, with a starting range of ₹1,13,000, they have managed to gain popularity in Bengaluru. Sachin Bansal, founder of India’s biggest startup exit <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, made $1 billion by selling his stake in his company’s sale to Walmart. While Bansal has been off the entrepreneurial grid ever since then, he has been making multiple investments. Bansal has invested in Indian ride hailing unicorn Ola and also dairy and grocery startup MilkBasket among others. Reports also said that Bansal was in the process of raising funds for his own $1 billion fund. See Also: <a href="https://www.businessinsider.in/sachin-bansals-bacq-invests-200-million-in-milkbasket/articleshow/69095413.cms">Sachin Bansal adds more to his cart, invests ₹200 million in Milkbasket</a> <a href="https://www.businessinsider.in/after-minting-1-billion-from-flipkart-sale-sachin-bansal-is-now-betting-big-on-ola/articleshow/67526383.cms">Watch out Uber. Sachin Bansal gets Ola share after selling Flipkart</a> <a href="https://www.businessinsider.in/indias-two-startup-icons-switch-to-the-other-side-as-venture-capitalists/articleshow/67420444.cms">India’s two startup icons switch to the other side — as venture capitalists</a>

Sachin Bansal rides a bet on electric bike startup Ather Energy

New Delhi, Mar 25 () Online health platform Medlife on Wednesday said one of its delivery personnel in Delhi was hit by the cops while on duty, and urged authorities to ensure that delivery personnel with valid documentation are allowed to perform their duties. The development comes at a time when the entire country is under 21-days lockdown. The government, however, in its notification has allowed delivery of all essential goods including food, pharmaceuticals and medical equipment through e-commerce. "Medlife delivery personnel Prakash in Delhi in the Todapur area was bringing back curfew passes and was hit by the cops on the way back to the fulfillment center. In the process, he was injured and suffered bruises on his face and body. We now also have reports of similar incidents in Bengaluru," Medlife CEO and co-founder Ananth Narayanan said in a statement. Narayanan said, the indiscriminate use of force against personnel delivering items specifically exempted by the government during the shutdown will disrupt services. "The essential services sector has to be free of harassment and violence. We request the state governments and concerned authorities to ensure that strict instructions are given to the police to permit delivery personnel with valid documentation to perform their duties in these times of crisis," he added. E-commerce players, including Amazon India and Milkbasket, have been facing disruption in delivery of even essential products to their customers. Industry watchers have said there is an urgent need for uniform classification of essential items across various states, and that instructions need to flow down clearly to the last mile, where the delivery agents are facing issues. Industry experts also flagged challenges around movement of delivery personnel and staff, as well as interstate movement of goods amid lockdown across the country. Some e-commerce players are also urging the government to expand the scope of essential products beyond food items and medicines to include other products like cable and routers that may be required for customers who are working from home. SR SHWSHW

You Searched For "Milkbasket" and got 9 results

Milkbasket refuses to bow down to discounts – aims to hit $100 million by March

Sanchita Dash

Four years into the business, Milkbasket has acquired one-year-old startup Veggie India

Sanchita Dash

Milkbasket bets on new service to strengthen bottomline, eyes profits in FY21

PTI

Milkbasket bets on private labels, expects 40 pc revenue contribution by year-end

PTI

Sachin Bansal adds more to his cart, invests ₹200 million in Milkbasket

Sanchita Dash

These five apps will save your time spent on milk and grocery runs

Prerna Sindwani

E-tailers still facing delivery challenges amid coronavirus lockdown

PTI

Sachin Bansal rides a bet on electric bike startup Ather Energy

Sanchita Dash

Covid-19 lockdown: Medlife says staff was hit by cops

PTI

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You Searched For "Milkbasket" and got 9 results

Milkbasket refuses to bow down to discounts – aims to hit $100 million by March

Sanchita Dash

Four years into the business, Milkbasket has acquired one-year-old startup Veggie India

Sanchita Dash

Milkbasket bets on new service to strengthen bottomline, eyes profits in FY21

PTI

Milkbasket bets on private labels, expects 40 pc revenue contribution by year-end

PTI

Sachin Bansal adds more to his cart, invests ₹200 million in Milkbasket

Sanchita Dash

​These five apps will save your time spent on milk and grocery runs

Prerna Sindwani

E-tailers still facing delivery challenges amid coronavirus lockdown

PTI

Sachin Bansal rides a bet on electric bike startup Ather Energy

Sanchita Dash

Covid-19 lockdown: Medlife says staff was hit by cops

PTI

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These five apps will save your time spent on milk and grocery runs