Gurugram-based startup Milkbasket, which does sourcing to last-mile delivery of grocery, on Tuesday said it has acquired e-grocer PSR Supply Chain Services Pvt. Ltd, in its second acquisition this year.
The acquisition will help the company strengthen its presence in Bengaluru, said Anant Goel, co-founder and chief executive of Milkbasket, in a statement. The financial details of the deal were not disclosed.
As part of the transaction, Milkbasket has integrated PSR Supply Chain's customers and offerings into its portfolio.
PSR Supply Chain, founded by Nagarjuna Reddy Chagamreddy and Sai Abhishek Velukuru in 2015, has a network of over 4,000 customers and an annual revenue of Rs 2.5 crore, the statement said.
This is the second acquisition by Milkbasket this year. In March, it had bought Noida-based online grocery venture Veggie India for an undisclosed amount.
Goel said that Milkbasket is always on the lookout for strategic acquisitions.
Milkbasket was founded in 2015 by Anant Goel, Ashish Goel, Anurag Jain and Yatish Talvadia. With a full-stack supply chain from sourcing to last-mile delivery, Milkbasket claims to fulfil the grocery needs of over 100,000 households. The company says it fulfils the entire grocery needs of a household every day before 7 am.
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. The firm currently operates in Gurugram, Noida, Ghaziabad and Bengaluru.
In late June 2019, Milkbasket said it had raised Rs 15 crore ($2.15 million then) in venture debt from InnoVen Capital. The development came after VCCircle reported in early June that Flipkart co-founder Sachin Bansal’s BAC Acquisitions has scrapped a proposal to invest Rs 20 crore ($2.86 million then) in Milkbasket. The two parties had said the decision was mutual.
Also, in early June, VCCircle had reported that Milkbasket has raised nearly Rs 73 crore ($10.5 million) in a fresh round of funding led by existing investor Unilever Ventures, the venture capital arm of consumer goods giant Unilever Plc.
Others including Mayfield India, Kalaari Capital and Blume Ventures participated in this round.
In December last year, Milkbasket raised $7 million in an extended Series A round led by Mayfield. This was preceded by a $7 million Series A investment led by Kalaari Capital in May last year.
