Milkbasket raises $10.5 mn from Unilever Ventures, others

New Delhi: Grocery delivery startup Milkbasket on Tuesday said it has raised an additional $10.5 million (approx Rs 69.20 cr) in its latest round of funding led by Unilever Ventures, with participation from Mayfield India, Kalaari Capital, and Blume Ventures and few Indian family offices.

"While the industry is witnessing a number of players adopting our model, this funding is a testament to our robust execution, the team and continued trust of our investors in the growth of Milkbasket," Milkbasket Co-founder and CEO Anant Goel said in a statement.

Milkbasket said more than 70 per cent of its revenue comes from non-milk products, from the wide assortment of over 8,500 stock keeping units, and it has launched its services in four cities across India within the last six-seven months.

"We are steadily and surely moving towards our goal of achieving $1 billion annual recurring revenue in 2021.

Together with investing in talent and geographic expansion, Milkbasket continues to invest in customer centric innovation," Goel added.