Milkbasket raises $5.5 mn in Inflection Point-led fresh funding round

Online grocery and home essentials delivery platform Milkbasket has raised $5.5 million in a fresh funding round led by Inflection Point Ventures along with existing investors. The company will use the funding to grow its operations across India. 

According to Milkbasket, its Gurgaon, Noida and Bengaluru operations are already breaking even with other cities on an accelerated track. 

“"This is probably our last fund raise on our path to profitability – that we target to achieve in 2020. These funds will provide a further boost in our efforts to achieve the same and necessary buffers to deal with any eventualities,” said Anant Goel, Co-Founder, CEO, Milkbasket. 

With the latest round, the company has so far raised $33 million. 

“Milkbasket has a very lean delivery model using the milk-run concept that enables them to run a very efficient and cost-effective supply chain. This will help them become profitable very soon and first among the various competitive players in the market,” said Vinay Bansal, Founder CEO, Inflection Point Ventures.

The company serves over 130,000 households and fulfills an entire household needs with 9,000 products across fruits and vegetables, dairy, bakery and other FMCG categories. It is currently operating in Gurgaon, Noida, Dwarka, Ghaziabad, Hyderabad and Bengaluru.