Micro-delivery ecommerce firm Milkbasket raises $500K in pre-Series-A round

Funds will be used to expand the core team, enhance technology and beef up the logistics

Gurgaon-based micro-delivery ecommerce company, Milkbasket, has raised $500,000 (around Rs 3.32 crore) in pre-Series-A round led by EVC Ventures and Chinese Investors.

"We will use this fund to expand the core team, further enhance our technology and beef up the logistics. We are aiming for a 10x growth in customers in the next four to five months and increase per customer spend by 2.5 to three times during this time," Anant Goel, said chief executive officer of Milkbasket.

Founded in early 2015 by Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia, Milkbasket is a subscription-based asset- light micro-delivery service fulfilling daily grocery and household needs of customers.

Milkbasket is currently serving across 15 clusters in Gurgaon, each cluster with a user base of around 500. Starting with only milk delivery, Milkbasket now offers over 3,000 products through a hybrid inventory model to maximise product margins while controlling costs.

The company said that it would focus on establishing itself in Gurgaon before expanding to other geographies. It also is expanding its offering portfolio with an aim to cover all daily needs of customers. Over the next 6 months, Milkbasket aims to grow to a 250-strong organization with 80%  workforce in logistics and serving over 15,000 orders a day across more than 100 clusters in Gurgaon.