Four years into the business, Milkbasket has acquired one-year-old startup Veggie India
Grocery deliverystartup Milkbaskethas acquired the Noida-based Veggie Indiafor an undisclosed amount.
- The founders of Veggie India along with the team would be joining Milkbasket.
- Milkbasket had last raised a funding of $7 million in December, 2018.
AdvertisementGroceries delivery startup Milkbasket has gone on to acquire one-year-old startup Veggie India for an undisclosed amount. With the acquisition, the founders of the Noida-based Veggie India Jainendra Upadhyay and Shailendra Upadhyay as well as all of their employees will be joining Milkbasket. This is also Milkbasket's first acquisition since their launch in 2015.
Veggie India, which was launched in 2018, operates in Noida and Ghaziabad mainly for delivery of vegetables and fruits, according to its website.
“The acquisition is in line with our growth plans for 2019 and adds further strength and distribution capabilities to the existing business,” Anant Goel, Co-founder and CEO of Milkbasket.
Goel added that Milkbasket has an “aggressive growth plan.” In India, grocery delivery startups have been gunning for dominance in their fields. So, Milkbasket’s acquisition of Veggie Daily comes at a time when every other player like Big Basket or Grofers is upping their game as foodtech unicorn Swiggy enters the grocery delivery segment.
In an official statement, the company said, “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.”
With this acquisition, Milkbasket now has a customer base of over 100,000 households.
Milkbasket, as its name gives it away, first gained popularity after its launch in 2015 for delivering fresh milk to Indian households and soon expanded their services to groceries too.
Milkbasket has raised about $16 million from Mayfield Advisors, Beenext, Kalaari Capital, Unilever Ventures, Lenovo and Blume Ventures.
Its last investment round was in December 2018, where it raised $7 million from US-based Mayfield Advisors at a reported valuation of about $30 million.
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