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Milkbasket Plans to Advance its IPO Launching in the Next Year

Milkbasket has advanced its plan for launching an Initial Public Offerings (IPOs) by the second half of the coming next year. During the Covid-19 pandemic, grocery delivery services had seen faster growth in their businesses, as it lies under the essential needs category by which the operations were not affected.

Since 2015, when the company, Milkbasket was found, it had nearly a perfect record for reaching its growth target. Milkbasket offers delivery options of more than 9,000 products across dairy, fast-moving consumer goods (FMCG), fruits and vegetables in five cities which includes Delhi, Gurugram, Noida, Ghaziabad and Bengaluru.

Anant Goel, Co-Founder and CEO of Milkbasket said that the rapid adoption of grocery delivery services at home amongst consumers during the pandemic has provided an impetus to target IPO next year, which the company had planned for the year 2023.

Milkbasket had an Average Revenue Run Rate (ARR) of nearly about $100 million and the company had raised a total equity funding of $33 million from Inflection Point Ventures, Kalaari Capital, Mayfield India, Beenext, Unilever Ventures, Lenovo Capital (LCIG), Blume Ventures, and venture debt funding by Innovate Capital.

Goel said, “Like any other start-up, we are open to investments, but we aren’t selling off the business.” He also denied for the reports of in talks for selling out their business to Paytm Mall and Reliance Industries Ltd. The company had an approximate turnover of Rs 700 crore and it is expected to cross Rs 1000 crore in some of the next upcoming quarters, he added.

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