Unilever Ventures leads funding round in Milkbasket

Milkbasket, owned and operated by Doorstep Retail Solutions Pvt. Ltd, has raised $10.5 million in a round led by Unilever Ventures, the daily grocery delivery services start-up said this week. Mayfield India, Kalaari Capital and Blume Ventures, besides a few Indian family offices also participated in the round. Anant Goel, Co-founder and Chief Executive, Milkbasket, said: “Milkbasket is proud to be serving over 100,000 households today. While the industry is witnessing a number of players adopting our model, this funding, our largest fund infusion till date, is a testament to our robust execution, the team and continued trust of our investors in the growth of Milkbasket.” Milkbasket derives more than 70 per cent of its revenue from non-milk products (from an assortment of 8,500-plus products). The start-up, which has a substantial presence in Gurugram, had expanded its services to Noida, Delhi and Bengaluru over the last six-seven months. He added: “We are steadily and surely moving towards our goal of achieving $1 billion ARR (annual recurring revenue) by 2021. Together with investing in talent and geographic expansion, Milkbasket continues to invest in customer-centric innovation, and this funding will help us focus on all the three areas to build a national market leader in online grocery.”