Sachin Bansal’s BACQ Invests Rs. 20 Crore in Milkbasket
New Delhi: Sachin Bansal’s firm BACQ has invested Rs. 20 crores in India’s first and largest daily grocery delivery service, Milkbasket. Anant Goel, Co-founder and CEO of Milkbasket said, “We are excited to have Sachin Bansal and BACQ on board. Our shared passion for technology led innovation will lead to incredible growth for Milkbasket."
"Milkbasket, having redefined the industry benchmarks, is now working on the next set of innovations to further consolidate its market leader position across it’s fresh (fruit & vegetables) offering, automating the daily delivery supply chain and reducing go to market time for multi-city expansion. These funds would provide us the needed CAPEX and R&D investments in all the three domains.” Anant added.
Launched in early 2015, Milkbasket is India’s first and largest daily grocery delivery service. Built on the unique Indian habit of getting fresh milk delivered at home every morning, Milkbasket (accessible on milkbasket.com, iOS and Android) is today fulfilling the entire grocery needs of a household every day before 7:00 a.m. The company has built a new age technology platform to enable frequent and frictionless buying with unique features like one-click buying, no checkout and contactless delivery - all a first in the e-commerce industry - and favourites of Milkbasket customers.
Founded by Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia, Milkbasket's vision is to become the default mom & pop shop for over a million households by 2021. Having achieved positive unit economics within the first six months of the launch, Milkbasket is the most capital efficient model in the online grocery space as compared to its domestic and global peers. Milkbasket has operations in Gurugram, NOIDA, Ghaziabad and Bangalore.
Milkbasket has raised close to $16 million from Mayfield Advisors, Beenext, Kalaari Capital, Unilever Ventures, Lenovo and Blume Ventures. On an aggressive growth track, Milkbasket recently acquired Veggie India to further deepen its footprints in Delhi NCR.