Unilever Ventures, the strategic investment arm of consumer packaged goods producer Unilever, has led a $10.5m funding round for India-based grocery delivery service MilkBasket, LiveMint has reported.
Mayfield India, Kalaari Capital and Blume Ventures also participated in the round alongside undisclosed domestic family offices, according to a statement from MilkBasket’s holding company, Doorstep Retail Solutions, which was seen by LiveMint.
MilkBasket runs a service that delivers milk and other grocery products such as milk, bread, eggs and juices to subscribers’ homes each morning. It will put the funding toward geographical growth and recruitment.
The company received $3m from Unilever Ventures in January 2018, following $500,000 in pre-series A funding, its earlier backers including Lenovo Capital and Incubator Group, a subsidiary of electronics provider Lenovo, as well as Blume Ventures, Peter Zou and Li Jian.
Unilever Ventures also contributed to a $14m series A round for MilkBasket that closed in December with backing from Mayfield Advisors, Kalaari Capital, Blume Ventures and BeeNext.
