Unilever Ventures, the venture fund arm of the Anglo-Dutch consumer goods giant, has led a US$10.5m funding round in Indian grocery delivery service Milkbasket.

The Magnum and Knorr owner was joined in the funding round by Mayfield India, Kalaari Capital and Blume Ventures as well as a “few Indian family offices”.

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The company has now received a total of $26m in funding.

Milkbasket chief executive officer and co-founder Anant Goel, said: “Having cracked the code of sustainable online grocery model by creating the world’s first daily micro delivery supply chain, Milkbasket is proud to be serving over 100,000 households today. 

“While the industry is witnessing a number of players adopting our model, this funding, our largest fund infusion till date, is a testament to our robust execution, the team and continued trust of our investors in the growth of Milkbasket.”

Established in 2015 as a milk delivery service, more than 70% of Milkbasket’s revenue now comes from non-milk products. It has launched its services in four cities across India within the last six to seven months and is targeting $1bn in annual recurring revenue by 2021.

Anant added: “Together with investing in talent and geographic expansion, Milkbasket continue to invest in customer-centric innovation and this funding will help us focus on all the three areas to build a national market leader in online grocery.” 

This is the third time Unilever Ventures has invested in Milkbasket, the last time being in May 2018.

just-food has asked Unilever for a comment on its latest investment.

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