Milkbasket Success StoryÂ
Milkbasket Success Story With a rising number of startups and the presence of many existing players in the industry, the customer acceptance of home delivery services is growing leaps and bounds. Living in the current era, we are surrounded by an increasing number of eCommerce platforms that offer almost everything and deliver all of these things right at our doorsteps.
Milkbasket is a subscription-based micro-delivery service that provides customers with the regular dairy necessities and household needs each morning. Within the first six months of its launch, Milkbasket claimed to have shipped 30 million orders
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-2015
- Revenue-$42.51 mn (INR 322 crore in FY2020)
- Total Funding-$78.5 million (Feb 2021)
- Parent Organization-Reliance Retail Ventures Limited
- Website-milkbasket.com
Milkbasket – Recent News
October 23, 2021 – Reliance Industries’ subsidiary Reliance Retail Ventures Ltd completes the acquisition of Milkbasket by acquiring 96.49% stakes in the company.
“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 – Industry
The Covid-19 pandemic has created a huge growth opportunity for the online grocery delivery sector, which predicted that India’s online grocery market could reach $3 billion in 2020, up from $1.7 billion in 2019. It is expected to grow at a CAGR of 37.1% from 2021 to 2028. The industry was valued at USD 2.9 billion in 2020. It has gained tremendous traction since 2020.
Milkbasket – Name, Logo and Tagline
‘Milkbasket’ as the name suggests, was a milk delivery startup initially but later on decided to come up with a simple delivery system that delivers milk, bread, eggs, butter, juices, and other everyday necessities and basic dairy amenities to users’.
Milkbasket – Founders and Team
Milkbasket was founded by Anant Goel, Anurag Jain, Ashish Goel, and Yatish Talavdia in 2015
Anant Goel
Milkbasket Founder and former CEO Anant Goel is all set to launch his new startup that will be based on the fruits and vegetable segment. It would be a consumer-centric platform that will delivery the fresh produce from farmers to the consumers, as per the sources close to the company and to the matter, reported on February 15, 2022.
Anurag Jain
Anurag Jain has been a co-founder of Milkbasket.com. He was also an alumnus of NIT Kurukshetra from where he completed a B.Tech degree in Civil Engineering. Jain later successfully pursued a PGDBM in Operations Management and Supervision from XLRI
Ashish Goel served as the Co-founder and CTO/CPO of Milkbasket. A Mechanical Engineering student of Delhi College of Engineering, Ashish co-founded two companies –Â Zamoona and UrSqFt before co-founding Milkbasket in 2015. Ashish Goel is currently serving as the CTO of ZipLoan after leaving Milkbasket in January 2021.Yatish Talvadia
Milkbasket – Startup Story
Milkbasket founders started in 2015 when they first set up a stall in an apartment complex in Gurugram. The founders soon got the first paying customer, who installed the app. The founding team of Milkbasket initially started to deliver milk by themselves, in their personal car. With the increasing demands, they eventually had to hire an autorickshaw to deliver it. The order volume further increased, which made Milkbasket partner with corporates and automotive companies and ultimately set up their own delivery fleet.  Â
Milkbasket started off with just 22 customers in April 2015, and by the end of June of the same year, the team saw a growth of 30,000+ customers, and that too only in Gurugram. Ashish and Anant started with their initial capital seed of 50 Lacs.
Milkbasket – Vision and Mission
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. This is perhaps why the company has been acquired by Reliance.
Milkbasket – Business Model
Milkbasket is a hyperlocal e-commerce company that believes in an inventory-based model where it sources its products directly from brands. 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 7 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 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.
Milkbasket 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.
Milkbasket had earlier displayed an annual sales run rate of around USD 100 million, delivering over 9,000 items across FMCG, dairy, fruits, and vegetable categories in Indian cities including Hyderabad, Dwarka, Delhi, Bengaluru, Ghaziabad, Gurgaon, and Noida).
MbBulk and senior citizens-only helplines were also introduced in several cities to help people stay on lockdown without having to go out for groceries and dairy products. Within the first six months of its launch, Milkbasket successfully shipped around 30 million orders and achieved positive unit economics.
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.
Milkbasket – Competitors
The top competitors in Milkbasket’s competitive set areÂ
- Supr Daily
- DailyNinja
- BB Daily
- Town Essentials
- Amshop
- RainCan
- ZopSmart
- PepperTap
- Big Basket
- Grofers
- Dunzo
- Zomato
- Swiggy and more.
Milkbasket – Challenges Faced
Though Milkbasket initially started fine with the capital pool from the founders, the app has faced money crunches in regular intervals, which has been one of the major challenges of the company. Milkbasket was ultimately acquired by Reliance Retail and two senior executives of Reliance Industries Limited – Nikhil K Chakrapani, CFO of Reliance Retail and Rajendra Kamath, CFO of Reliance Content Management have joined the board of directors of Milkbasket as additional directors.
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 coronavirus 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.
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