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With a rising number of start-ups, the presence of many existing vendors in the industry, and growing customer acceptance of home delivery services, the delivery of daily micro services segment is expected to contribute significantly during the forecast period. In India, the demand for home delivery is primarily driven by rising consumer spending and changing consumer habits. Milkbasket is a subscription-based micro-delivery service that provides customers with regular dairy necessities and household needs each morning.
Founded by Anant Goel, Anurag Jain, Ashish Goel and Yatish Talavdia in 2014m Milkbasket currently has an annual sales run rate of around USD 100 million and delivers over 9,000 items across FMCG, dairy, fruits and vegetables categories. Within the first six months of its launch, the five-year-old startup, Milkbasket claims to have shipped 30 million orders.
Know more about Milkbasket's startup story, business model, funding, revenue, growth and more in the article ahead!
Milkbasket - Company Highlights
| Startup Name | Milkbasket |
|---|---|
| Legal Name | Doorstep Retail Solutions Pvt Ltd |
| Headquarters | Gurugram, India |
| Industry | Delivery Services, E-Commerce, Food and Beverage |
| Founder | Anant Goel, Anurag Jain, Ashish Goel, Yatish Talavdia |
| Founded | 2014 |
| Current CEO | Anant Goel |
| Revenue | INR 322 crore (2020) |
| Total Funding | $38.5 million |
| Website | milkbasket.com |
Milkbasket - Recent News
About Milkbasket and How it Works?
Milkbasket - Name, Logo and Tagline
Milkbasket - Founders and History
Milkbasket - Vision and Mission
Milkbasket - Business Model
Milkbasket - Revenue and Growth
Milkbasket - Funding and Investors
Milkbasket - Competitors
Milkbasket - Challenges Faced
Milkbasket - Future Plans
Milkbasket - FAQs
Milkbasket - Recent News
Milkbasket, a daily grocery delivery app, has advanced its bid to go public in the second half of 2021, boosted by solid market growth in recent months despite the pandemic, according to a top company executive.
"Milkbasket has a near-perfect record of reaching growth targets since being founded in 2015. The rapid adoption of at-home grocery delivery amongst consumers due to the pandemic has provided us with an impetus to target IPO in just a year, which we had initially planned for the year 2023," Anant Goel (Milkbasket co-founder and CEO) said.
About Milkbasket and How it Works?
Milkbasket is a Gurugram-based company that creates an online grocery network to meet consumers' everyday household needs.
The company provides a simple delivery system that delivers milk, bread, eggs, butter, juices, and other everyday necessities and basic dairy amenities to users' doorsteps every morning. The platform also allows them to keep track of daily expenditures, schedule vacation time off, and easily build repeat orders every day.
Milkbasket currently has an annual sales run rate of around USD 100 million and delivers over 9,000 items across FMCG, dairy, fruits and vegetables categories in Indian cities including Hyderabad, Dwarka, Delhi, Bengaluru, Ghaziabad, Gurgaon, and Noida).
Varad Kitey
Milkbasket - Name, Logo and Tagline
'Milkbasket' as the name suggests, the initial idea was about delivering milk. Then cut to 2021, Milkbasket provides a simple delivery system that delivers milk, bread, eggs, butter, juices, and other everyday necessities and basic dairy amenities to users'.
Milkbasket - Founders and History
Milkbasket was founded by Anant Goel, Anurag Jain, Ashish Goel and Yatish Talavdia in 2015.
Milkbasket founders started in 2015 by delivering milk to 22 households in their personal car with an initial capital seed of 50 Lacs. It is based on the habit of people residing in India, of having milk delivered to one's doorstep every morning, and the company only delivers during one delivery slot, from 5 a.m. to 7 a.m. By October, 2017 they had delivered around 1.5 million orders and employed around 200 people.
The company has been in high demand since the lockdown began, as demand for hyperlocal grocery delivery has increased dramatically. During the lockdown, many companies with a logistics and distribution backbone, such as Swiggy and Zomato, switched to grocery delivery as these were the only essentials in demand across the board.
The covid-19 pandemic has created a huge growth opportunity for the online grocery delivery sector, predicting that India's online grocery market could reach $3 billion this year, up from $1.7 billion last year.
MbBulk and senior citizens only helplines were also introduced in several cities to help people stay on the lockdown without having to go out for groceries and dairy products. Within the first six months of its launch, the five-year-old startup claims to have shipped 30 million orders and achieved positive unit economics.
Milkbasket - Vision and Mission
In the next 3-5 years, the company's mission is to become the default mom-and-pop shop for over a million households. Milkbasket is by far the most cost efficient model in the online grocery space as compared to its domestic and global competitors, accomplishing positive unit economics within about six months of launch.
Devashish Shrivastava
Milkbasket - Business Model
Milkbasket co-founder Anant Goel believes that his company has developed a contactless hyper-local grocery delivery model. Customers can place orders before midnight and have them shipped by seven a.m., according to Milkbasket.
Milkbasket - Revenue and Growth
Milkbasket, a hyperlocal distribution startup based in Gurugram, announced a 3.8X increase in revenue in the 2020, which ended in March last year, with only a small increase in losses. In 2020, the company reported revenue of INR 322 crore, of which 99.9% (INR 321.7 crore) came from operations.
In 2020, the hyperlocal startup's expenses rose at the same pace, to INR 337.7 Cr, bringing its losses to INR 15.7 Cr. In 2019, the company posted revenue of INR 84.6 Cr and expenses of INR 94.1 Cr, resulting in a loss of INR 9.5 Cr. Over the same time frame, it received around 99.7% (INR 84.4 Cr) from its operations.
Rishabh Rathi
Milkbasket - Funding and Investors
Over the course of 11 rounds of funding, Milkbasket has raised a total funding of $38.5 million. Milkbasket's Investors' include InnoVen Capital, Inflection Point Ventures, Mayfield Capital, Kalaari Capital, Blume Ventures among others.
| Date | Round | Amount | Lead Investors |
|---|---|---|---|
| May 13, 2020 | Series B | $5.5M | Inflection Point Ventures |
| Jun 27, 2019 | Debt Financing | ₹150M | InnoVen Capital |
| Jun 4, 2019 | Series B | $10.5M | Unilever Ventures |
| Dec 19, 2018 | Series A | $7M | Mayfield Fund |
| Nov 12, 2018 | Series A | $100M | Mayfield Fund |
| May 22, 2018 | Series A | $7M | Kalaari Capital |
| Jan 23, 2018 | Seed Round | $3M | Unilever Ventures |
| Aug 23, 2017 | Seed Round | $840.9K | Blume Ventures, Lenovo Capital and Incubator Group (LCIG) |
| Dec 1, 2016 | Seed Round | $634.9K | — |
| Apr 26, 2016 | Seed Round | $500K | EVC Ventures |
Milkbasket - Competitors
The top competitors in Milkbasket's competitive set are - Supr Daily, DailyNinja, BB Daily, Town Essentials, Amshop, RainCan, ZopSmart, PepperTap, Big Basket, Grofers, Dunzo, Zomato and Swiggy.
Chayanika Goswami
Milkbasket - Challenges Faced
Milkbasket, which sells milk and other dairy products through its app in a retail model, has been looking to raise at least $30-50 million for the past few months, but it, too, has run into challenges, with few investors willing to commit the large sums of money needed in these sectors.
“It is also the lack of any near-term profit visibility for these firms which is also one the major investor concerns," a spokesperson for company added.
Milkbasket - Future Plans
According to a top company executive, Milkbasket has advanced its intention to pursue an initial public offering by the second half of 2021, boosted by solid market growth in recent months despite the pandemic. The widespread adoption of at-home delivery services among shoppers during the corona virus disease outbreak, according to Anant Goel, has opened an opportunity to target an IPO in less than a year.
"Milkbasket has a near-perfect record of reaching growth targets since being founded in 2015. The rapid adoption of at-home grocery delivery amongst consumers due to the pandemic has provided us with an impetus to target IPO in just a year, which we had initially planned for the year 2023," he said.
Shubham Kumar
Milkbasket - FAQs
What does Milkbasket do?
The company provides a simple delivery system that delivers milk, bread, eggs, butter, juices, and other everyday necessities and basic dairy amenities to users' doorsteps every morning.
Who founded Milkbasket?
Milkbasket was founded by Anant Goel, Anurag Jain, Ashish Goel and Yatish Talavdia in 2015.
What companies do Milkbasket compete with?
The top competitors in Milkbasket's competitive set are Supr Daily, DailyNinja, BB Daily, Town Essentials, Amshop, RainCan, ZopSmart, PepperTap, Big Basket, Grofers, Dunzo, Zomato and Swiggy.
Author: Sarika Anand
Source : https://startuptalky.com/milkbasket-success-story/
Date : 2021-05-16T11:56:35.000Z