Announcing EVC’s investment in Milkbasket
EVC Ventures is delighted to have invested in Milkbasket which we as one of those holding the lightning rod for the new generation of Indian startups.
A parent’s heart can never discriminate between her children. Same it the case with a VC when it comes to our portfolio. Yes, we see our portfolio companies as children not in the sense of being immature but in the sense of us being close to them nurture them and stick with them on challenges that go beyond the working challenges of growing a startup. You can call me mom.
Rumors and dark scenarios spread around about Indian E-commerce startups crumbling down, other never being more further away from proving their unit economics and overall environment where it has never been more difficult for a startup to raise new round.
Yet we closed our $500,000 pre-series A investment in Milkbasket almost within a single breath.
The same entities that broadcast dark scenarios are those who created the hype in the first place. While their brethren are busy stashing supplies in underground bunkers, the real entrepreneurs slowly bring their business model to fruition, their teams unimpeded by the rumors around them.
We’ve found that winning attitude in Milkbasket — enthusiastic yet grounded and unperturbed by conventional wisdom. We wanted to start it small and what is the smallest way to start than delivering milk, jokes Anant, one of the co-founders.
Milkbasket belongs to what we prefer to call second generation of Internet driven Indian startups or Indian startup 2.0
Milkbasket is an asset light, tech intensive, micro-delivery service fulfilling daily grocery and household needs of customers every morning. In addition to creating a recurring order for anything from milk to fresh fruits, a user can place/modify the orders till midnight for a guaranteed early morning 7:00 am doorstep delivery which fits everyone’s busy schedule.
What really sets Milkbasket apart in its category is the following:
— Fractional per order delivery cost as compared to industry (< 1/10th),
— Exceptionally high resource utilization (> 90%),
— astronomical customer retention (> 95%) with minimal customer acquisition costs
— 99% order fulfillment rate — a new benchmark in the industry
As we at EVC Ventures would like to put it — Milkbasket is really not in a hurry, plus they are serious about their unit economics. We don’t want another Peppertap anytime soon right?
Milkbasket will focus on establishing itself in Gurgaon before expanding to other geographies. Over the next 6 months Milkbasket aims to grow to a 250 strong organization with 80% workforce in logistics and serving over 15,000 orders a day across 100+ clusters in Gurgaon.
To get even more info around this announcement you can check the following coverage:
