Led by Flipkart co-founder Sachin Bansal’s BACQ, the Gurgaon-based grocery and milk delivery startup Milkbasket has raised an additional Rs 20 crore in venture debt.
Milkbasket co-founder Anant Goel said in a statement, "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 is now working on the next set of innovations to further consolidate its market leader position across it’s fresh (fruit and 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," he said.
The funds raised will be used to automate the company's daily delivery supply chain, reducing go to market time for multi-city expansion and strengthen its leadership position.
The startup has raised close to USD 16 million from US-based venture fund Mayfield Fund, Kalaari Capital, Unilever Ventures, EVC Ventures, BeeNext and Blume Ventures. Its previous round of USD 7 million was led by Mayfield in December 2018.