Flipkart co-founder Sachin Bansal has invested ₹20 crore debt in online grocery and milk delivery startup Milkbasket, via BAC Acquisitions, on Monday.
Founded in 2015 by Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia, Milkbasket has operations in Gurugram, Noida, Ghaziabad and Bangalore. The startup is planning to leverage technology for frictionless delivery, with features like one-click buying, no checkout and contactless delivery.
The company plans to use funds to automate the daily delivery supply chain and reduce go to market time for multi-city expansion, as per the CEO of Milkbasket.
ALSO READ: Samsung invests USD 2.9 million in French cryptocurrency startup Ledger
Milkbasket has raised about $16 million in equity and this is its first debt fundraise. Earlier it raised $7 million in December last year led by Mayfield Advisors, a US-based venture capital fund. Existing investors, including Kalaari Capital, Unilever Ventures and Beenext Pte Ltd, also participated in the round.
Grocery and milk delivery startups have seen a surge in investor interest in the past year, with Doodhwala, DailyNinja and Milkbasket among others raising successive rounds of funding at short intervals.