Gurugram-based micro-delivery grocery startup Milkbasket on Monday said it has raised Rs 20 crore ($2.8 million) from BAC Acquisitions, the personal investment vehicle of Flipkart co-founder Sachin Bansal.
The company, which is operated by Aaidea Solutions Pvt. Ltd, will use the money to meet its capital expenditure needs and drive research and development, said Milkbasket in a statement.
"Milkbasket is now working on the next set of innovations to further consolidate its market leader position across its fresh fruit and vegetable offering, automating the daily delivery supply chain and reducing go-to-market time for multi-city expansion," said Anant Goel, co-founder and chief of Milkbasket.
The startup, which was founded in 2015 by Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia, fulfils the entire grocery needs of a household every day before 7 in the morning, the statement said. Unlike BigBasket, Grofers, Amazon and Flipkart -- the bigger players in the online grocery delivery market -- Milkbasket positions itself as the online version of local mom-and-pop grocery stores, only with more stock keeping units.
Milkbasket, which currently has operations in Gurugram, Noida, Ghaziabad and Bengaluru, seeks to become the default mom-and-pop shop for over a million households by 2021.
The company had last raised $7 million in an extended Series A round led by US-based early- to growth-stage venture capital firm Mayfield Advisors in December last year. This was preceded by a $7 million Series A investment led by early-stage investment firm Kalaari Capital in May.
With the latest funding from BAC Acquisitions, Milkbasket has raised close to $16 million, it said. Other investors in the firm are Beenext, Unilever Ventures, Lenovo and Blume Ventures.
Bansal has continued to remain an active investor after he quit Flipkart last year following the e-commerce major's acquisition by Walmart.
He had co-founded BAC Acquisitions in December 2018 with his IIT-Delhi batchmate and former investment banker Ankit Agarwal.
BAC Acquisitions seeks to invest in various sectors including data sciences, healthcare, energy, media and entertainment, consumer goods, engineering, retail, logistics, food and beverages, infrastructure, construction, machinery, agriculture, automobile, HR, gaming and financial services.
Last month, BAC Acquisitions invested in Bounce, a scooter and bicycle rental platform, TechCirlce reported.
In February, Bansal invested Rs 650 crore ($92 million) in cab-hailing app unicorn Ola.