Gurgaon-based micro delivery startup Milkbasket has raised $500K in Pre Series A round of funding led by EVC and a group of Chinese investors.
Zhu Dao Investments, Peter Zou, Partner Beam Capital VC & CEO of YeahMobi, along with Vikas Banga & Manav Kamboj of Snapdeal participated in the round.
The raised funds will be utilised in team expansion, technology enhancement and strengthening of logistics.
MilkBasket was founded by Anant Goel, Ashish Goel, Anurag Jain, and Yatish Talvadia in early 2015. It offers micro-delivery service fulfilling daily grocery and household needs of customers every morning, with a unique 100% in-house last mile logistics solution. The portal 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 3000+ products through a hybrid inventory model to maximise product margins while controlling costs.
As claimed, the startup has a 99% order fulfillment rate. Also, where other hyperlocal delivery startups are struggling to get their unit economics right, MilkBasket has been able to achieve positive unit economics in under nine months of starting operations.
The founders made this possible by maintaining a strong focus on three main tenets:
- Fractional per order delivery cost as compared to industry (< 1/10th),
- Exceptionally high resource utilization (> 90%), and
- Astronomical customer retention (> 95%) with minimal customer acquisition costs
Over the next six months, Milkbasket aims to grow to a 250 strong organisation with 80% workforce in logistics and serving over 15,000 orders a day across 100+ clusters in Gurgaon. “We are aiming for a 10x growth in customers in a span of next 4-5 months and increase per customer spend by 2.5 to 3 times during this time,” said Anant Goel.
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