Funding of the online grocery store Milkbasket

Gurugram-based online grocery startup Milkbasket has raised an undisclosed amount in a Pre-Series A funding round from Blume Ventures. Lenovo Capital and Incubator Group (LCIG) also participated in the round.

The investment will go into expanding the company’s operations in Gurugram. A portion of the funding will be used to acquire new talents in technology, supply chain and operations.

The latest funding round saw the exit of Milkbasket’s existing investors, including EVC and a few angel investors.

Established last year in Beijing, Lenovo Capital and Incubator Group (LCIG) primarily backs emerging businesses in core-technology and Internet-related areas. Investing through the Lenovo Capital Phase II Investment Fund, the firm is looking to drive innovation in diverse sectors, including cloud computing, big data, Artificial Intelligence and Robotics.

So far, it has backed more than 40 startups such as iDreamSky, Face++, StyleWe, Shopex, ZAKER, Diting Technology, SMARTX, etc. Speaking about the firm’s decision to invest in Milkbasket, LCIG Managing Director Jeffrey Wang said, “The team at Milkbasket is doing a great job of eliminating the problems that exist in the on-demand grocery industry and we couldn’t be more excited about this collaboration.”

Founded in 2010 by Karthik Reddy and Sanjay Nath, Blume Ventures is a VC fund that participates in Seed, angel and Pre-Series A rounds. It has backed more than 70 startups, including Taxiforsure (acquired by Olacabs), Zipdial (acquired by Twitter), Qubecell (acquired by Boku), Grey Orange Pte Lte, Mettl, Webengage, Hotelogix, Exotel, Rolocule Games and Carbon Clean Solutions, amongst others.

Launched in 2015 by INSEAD graduates Anant Goel, Ashish Goel, Anurag Jain, and Yatish Talvadia, Milkbasket is a micro-delivery grocery service inspired by the unique Indian concept of getting fresh milk delivered at home every morning. Starting with only milk delivery, Milkbasket now offers over 3,000+ products through a hybrid inventory model to maximise product margins while controlling costs.

Available on both Android and iOS, the app strives to deliver groceries and household essentials by 7 am every day. All a user needs to do is place the order by midnight the day before. Milkbasket currently claims to serve more than 10,000 families across 115 societies in Gurugram. As claimed, Milkbasket has a 99% order fulfillment rate.

In the micro-delivery space, Milkbasket competes against startups like DailyNinja, Town Essentials and RainCan, among others. Earlier in June, Noida-based daily needs micro delivery startup MrNeeds raised $500K in Pre-Series A funding from a clutch of undisclosed investors.

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