Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<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="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><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="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

<ul><li>According to RoC filings, <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">Bigbasket</keyword> has raised $150 million at a reported valuation of $2.3 billion. </li><li>The funding was led by Bigbasket’s earlier investor Alibaba and was joined by new investor Mirae Asset. </li><li>This will give Bigbasket more power to take on new entrants like Swiggy in the Indian online grocery space. </li></ul>Grocery <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword> Bigbasket is the latest entrant into India’s fast-growing unicorn club. Bigbasket has <a href="https://www.business-standard.com/article/companies/bigbasket-joins-unicorn-club-with-150-mn-funding-valuation-jumps-two-fold-119032801319_1.html">closed</a> its Series F round of funding with an investment of $150 million, according to filings with the Registrar of Companies (RoC). With this round, Bigbasket’s valuation has more than doubled to reach a <a href="https://www.business-standard.com/article/companies/bigbasket-joins-unicorn-club-with-150-mn-funding-valuation-jumps-two-fold-119032801319_1.html">reported </a>$2.3 billion. The latest round of funding was led by the startup’s existing investor Alibaba while South Korean firm Mirae Asset joined its group of investors. With growing competition in the space, Bigbasket has been fast looking at ways of expansion. In a recent <a href="https://www.moneycontrol.com/news/business/bigbasket-aims-to-double-revenue-growth-to-rs-7000-crore-in-fy20-3590891.html">interview</a>, Hari Menon, co-founder and CEO of Bigbasket said that the company is looking at doubling its revenue to ₹70 billion in FY20. The <keyword id="7475397" type="UNKNOWN" weightage="20" keywordseo="indian-grocery">Indian grocery</keyword> sector has seen a lot of action lately. Foodtech unicorn Swiggy recently joined the grocery sector with <keyword id="7317638" type="UNKNOWN" weightage="20" keywordseo="Swiggy-Stores">Swiggy Stores</keyword> and has already piloted the operations in Gurugram with over <a href="https://www.business-standard.com/article/companies/swiggy-takes-on-bigbasket-grofers-to-deliver-groceries-from-local-stores-119021201294_1.html">3,500</a> local stores. But it’s not just startups that are interested in the grocery sector. Reliance industries-controlled Reliance Industrial Investment and Holdings Ltd (RIIHL) has <a href="https://tech.economictimes.indiatimes.com/news/startups/reliance-industries-subsidiary-inks-pacts-to-acquire-grab-a-grub-and-c-square-info-solutions/68245460">reportedly</a> picked up stake in Mumbai-based hyperlocal delivery startup Grab. 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/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>

Indian grocery startup Bigbasket enters the unicorn club with a reported $2.3 billion valuation

<ul><li>From jewellery maker, Kalyan Jewellers to an Indian Government’s “Miniratna” RailTel Corporation, a whole range of companies are looking to get listed on Indian stock exchanges this year. </li><li>According to Geojit Financial Services, as many as 80 companies have approached SEBI to tap the primary market. </li><li>These are likely IPO candidates that may list this year. </li></ul>The IPO market seems to be piping hot in 2020 compared to the same time last year. Despite the pandemic and the economic slowdown, <a href="https://www.chittorgarh.com/ipo/ipo_list.asp?a=mainline">IPOs worth ₹179.8 billion</a> have already hit the market in the past ten months compared to ₹126.87 billion worth IPO in 2019. And as many as 80 companies have approached SEBI in the current fiscal year to get the necessary approvals for IPOs, according to Geojit Financial Services. The recent IPO bonanza made a lot of money for investors. Jyoti Roy, equity strategist at Angel Broking believes that is because “the investors have been willing to invest in companies with good businesses and reasonable valuations.” <div type="image" title="IPO data" msid="78634632" hostid="261"></div> The IPO bonanza may not have ended yet. From jewellery maker, Kalyan Jewellers to an Indian Government’s “Miniratna” RailTel Corporation, a whole range of companies are looking to get listed on Indian stock exchanges this year. Let’s take a look at some of the upcoming IPOs scheduled this year: Equitas Small Finance Bank The Chennai-based microfinance lender, Equitas Small Finance Bank (SFB), is looking to raise ₹532 crore from the IPO. The initial public offering will open on October 20 and will remain open till October 22. The company has appointed JM Financial, Edelweiss Financial Services, and IIFL Securities as its book running lead managers to the issue. RailTel’s ₹700 crore initial public offering The state-owned RailTel Corporation has filed a Draft Red Herring Prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) for an initial public offer of up to 8.66 crore equity shares. The company is likely to raise ₹700 crore through the IPO, a complete offer for sale by the Central government. It has appointed ICICI Securities, IDBI Capital, SBI Capital Markets as the book running lead managers to the issue. ESAF Small Finance Bank The Kerala-based ESAF Small Finance Bank had filed DRHP in January and subsequently got the approval from SEBI at the end of March. However, the bank delayed its initial public offering due to the volatile market conditions and said it would take a call on ₹976-crore initial public offering (IPO) after September. The ₹976-crore IPO of ESAF Small Finance Bank will comprise a fresh issue worth ₹800 crore and an offer for sale (OFS) aggregating up to ₹176.2 crore. Kalyan Jewellers Kerala based Jewellery maker, Kalyan Jewellers, is also expected to launch a ₹1,750 crore initial public offering (IPO) in <a href="http://www.marketsguruji.com/upcoming-ipos-in-india/">November</a>. The ₹1,750 crore IPO will be the largest in its sector. The issue will consist of a fresh fundraise of ₹1,000 crore and offer of sale by promoter TS Kalyanaraman and private equity firm Warburg Pincus of ₹750 crore. Burger King One of India'sIndia's fastest-growing food chains, Burger King, is also in line to raise as much as ₹1,000 crore by initial public offering. The firm aims to utilise the funds to double the number of restaurants by 2025, where it currently operates 216 in India, as per its DRHP. Burger King IPO is also likely to hit the market in November this year. Bajaj Energy The ₹5,450 crore IPO of Uttar Pradesh-based, one of the largest private-sector thermal generation companies, Bajaj Energy, is expected to hit the market by the end of this year. The IPO comprises fresh issuance of shares aggregating up to ₹5,150 crore and an offer for sale of scrips up to ₹300 crore by the promoter Bajaj Power Ventures, according to its DRHP. Some of the companies coming up with IPOs include MilkBasket, Lodha Developers, Anand Rathi Wealth Management, Barbeque Nation, NSE, Indian Railways Finance Corporation, among others. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/mazagon-dock-shipbuilders-shares-list-at-49-premium-over-the-issue-price/articleshow/78613450.cms" data-type="tilCustomLink">Mazagon Dock Shipbuilders shares list at 49% premium over the issue price</a> <a href="https://www.businessinsider.in/stock-market/news/tepid-debut-for-uti-amcshares-list-at-12-discount-over-the-issue-price/articleshow/78613719.cms" data-type="tilCustomLink">Tepid debut for UTI AMC—shares list at 12% discount over the issue price</a>

You Searched For "milkbasket funding" and got 8 results

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

Sanchita Dash

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

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 rides a bet on electric bike startup Ather Energy

Sanchita Dash

Indian grocery startup Bigbasket enters the unicorn club with a reported $2.3 billion valuation

Sanchita Dash

IPOs have raked in nearly $180 billion so far in 2020 — Here’s a look at some other companies that may go public this year

Navdeep Yadav

Popular Keywords

Buying Guides