Unilever leads $11m round for India's Milkbasket

Mayfield India, Kalaari Capital, and Blume Ventures also participated in the funding round, along with several Indian family offices. The investment follows a $3 million pre-Series A round from Unilever last year and a INR200 million ($2.9 million) venture debt commitment earlier this year from BAC Acquisitions, an investment firm launched by Flipkart co-founder Sachin Bansal.

Launched in 2015 as a platform for ordering fresh milk, Milkbasket now handles a wide range of grocery products in seven cities. By guaranteeing delivery at a fixed time each day the company aims to replace users’ daily shopping trips. Customers can use the company’s app to schedule recurring delivery orders and track their household grocery spending.

Milkbasket claims to have 8,500 items in stock and to serve over 100,000 households, with more than 70% of its revenue coming from non-milk products. The company will use the new capital to grow its team and expand into new geographies, along with improving its technology offering.

Unilever Ventures was founded in 2002 and invests in early-stage companies in the personal care sector and technology innovators in industries such as e-commerce and the internet of things. The firm joined IDG Ventures India (now Chiratae Ventures) and Amazon Web Services in 2017 for an initiative aimed at supporting early-stage technology start-ups in India.

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• Topics
• South Asia
• Consumer
• Technology
• India
• TMT
• Blume Ventures
• Kalaari Capital
• Mayfield