Startup

Reliance Acquires MilkBasket Startup for $40M Cash

By Rupsa Das Jun 4 2021 12:20PM
Read: 6772

Milkbasket is a daily micro-delivery subscription-based service that offers grocery, dairy products, and household needs. The startup has risen around $35Million in funding.

MilkBasket - Covering Your Daily Grocery Needs At Your DoorStep

Milkbasket is a daily micro-delivery subscription-based service that offers grocery, dairy products, and household needs. It delivers more than 9,000 items which include dairy, fruits and vegetables, FMCG products, etc. Since its inception, it has delivered nearly 30 million orders.

MilkBasket is considered to be the largest online grocery delivery service in Delhi-NCR, and it serves in other cities of India as well.

Milkbasket Startup: Facts & Stats

  • Legal Name: Doorstep Retail Solutions Pvt. Ltd
  • Founded: 2014
  • Founders: Anant Goel, Yatish Talavdia, Ashish Goel, Anurag Jain
  • Headquarters: Gurugram, Haryana, India
  • Areas served: Noida, Greater Noida, Dwarka, Gurgaon, Bangalore, Hyderabad, Ghaziabad
  • Number of Employees: 354
  • Type of Industry: Delivery Services, Food and Beverages, E-commerce
  • Investors: 18
  • Total Funding Amount: $38.5 million
  • Last Funding Type: Series B
  • Latest Deal Amount: $41.5 M
  • Latest Deal Type: M & A
  • Revenue: INR 322 crore (2020)
  • Play Store Rating: 3.7
  • Company Type: For Profit
  • Financing Status: Venture Capital-Backed
  • Website: www.milkbasket.com
Milkbasket co-founders (from left) Anant Goel, Anurag Jain, Ashish Goel and Yatish Talvadia.

Milk Basket Startup: Logo & Name

'Milkbasket' had an earlier idea to deliver milk, and thus, the name and the logo was made accordingly. Then now, it is a delivery system that offers a wide range of customer's daily household needs.

Features of MilkBaasket

  • You can place your order till midnight and receive assured delivery by 7 A.M
  • You can get discounts on your everyday products
  • No questions asked refund policy is followed, and you will get back your money in just 15 minutes
  • You can schedule vacation time offs
  • You can even keep a count on your account expenditures
  • You can set your recurring orders, and there would be no such issues of setting up your orders every day.
  • At every order, there will be no hassle of OTP, CVV and payment check-outs
  • There are no such minimum orders limited to the customers

Milkbasket: Vision & Mision

MilkBasket's mission is to get established as a supermarket for more than a million households in the upcoming years. It is indeed one of the most money-saving models in comparison to others in the online grocery marketplace.

Expansion of MilkBasket

In 2020, Milkbasket disclosed a 3.8X increase in revenue with only slight losses in March last year. It announced Rs 322 crore in funding, 99.9% (Rs 321.7 crore) received from operations.

Revenue of MilkBasket

MilkBasket announced revenue of Rs 84.6 crore and expenditure of Rs 94.1 Cr, with a loss of Rs 9.5 crore in 2019. Also, the company's expense increased to Rs 337.7 crore, with its losses to Rs 15.7 crore in 2020. It got nearly 99.7% (Rs 84.4 crore) from its operations.

MilkBasket: Investment & Sources of Fundin

Milkbasket has raised $38.5 million over 11 funding rounds.

DateRoundAmountLead Investors
May 13, 2020Series B$5.5MInflection Point Ventures
Jun 27, 2019Debt Financing₹150MInnoVen Capital
Jun 4, 2019Series B$10.5MUnilever Ventures
Dec 19, 2018Series A$7MMayfield Fund
Nov 12, 2018Series A$100MMayfield Fund
May 22, 2018Series A$7MKalaari Capital
Jan 23, 2018Seed Round$3MUnilever Ventures
Aug 23, 2017Seed Round$840.9KLenovo Capital, Incubator Group (LCIG) and Blume Ventures
Dec 1, 2016Seed Round$634.9K—
Apr 26, 2016Seed Round$500KEVC Ventures

MilkBasket: Growth in Pandemic

In the second half of 2021, Milkbasket has led its endeavor to reach out to a larger audience. This has been possible due to the recent increased rate of demands despite the COVID-19 pandemic.

It announced that it had shipped 30 million orders within the six months since its initiation.

Milkbasket Startup: The Two Important Decisions

  • Firstly, being an inventory cap for every customer purchase, they would make sure that no consumers hoard products.
  • Secondly, they continued to provide services to their earlier customers and stopped taking the new customer's orders. This had built the trust of the existing consumer base, and there has been sale improvement as well.

Words by the Founder

The Co-Founder and CEO of Milkbasket, Anant Goel, said,
"Milkbasket has a near-perfect record of reaching growth targets since being founded in 2015. The rapid adoption of at-home grocery delivery amongst consumers due to the pandemic has provided us with an impetus to target IPO in just a year, which we had initially planned for the year 2023".

Competition of Milkbasket

Milkbasket's main competitors in this online grocery space are

  • Grofers,
  • Big Basket,
  • Swiggy,
  • Zomato,
  • Amshop,
  • Supr Daily,
  • Town Essentials,
  • DailyNinja,
  • Dunzo,
  • ZopSmart,
  • PepperTap,
  • RainCan,
  • BB Daily

Milk Basket: Winning Trust with Variety

Milk Basket covers the daily necessity items, including fruits, vegetables, grocery, milk, eggs, bread, & yoghurt. It has more than 5,000 branded products. More than 40 milk varieties (fresh, organic, cow, buffalo, tetra pack, etc.) are sold from more than ten brands such as Amul, Nestle, Mother Dairy, etc.

The company has won the trust of more than 50,000 families with their services. Starting from fresh products to last minutes requirements, you can always rely on MilkBasket.

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