Micro delivery startup Milkbasket
has acquired Noida based online grocery venture Veggie India for an undisclosed
amount. The acquisition would strengthen its distribution capabilities and grow
its customer base to more than lakh households.
Ocado Garden Fresh Pvt Ltd, which
operates Veggie India, was founded in January 2017. Veggie India, which
operates a mobile app, helps users choose from more than 3,000 products
including fruits and vegetables, organic products, packed and frozen food,
beauty and hygiene products, and kitchen and household essentials. The app
claims to have more than 5,000 users primarily from Noida and Ghaziabad.
The buyout comes months after Milkbasket
raised $7 million (Rs 49 crore) in an extended Series A round led by
US-based early-to-growth-stage venture capital firm Mayfield Advisors. Founded
in 2015, Milkbasket currently has a presence in Delhi, Gurugram, Noida and
Bengaluru.
Unlike
bigger players in the online grocery delivery market such as BigBasket,
Grofers, Amazon and Flipkart, Milkbasket positions itself as the online version
of local mom-and-pop grocery stores but with more stock keeping units. It generally
supplies perishable and non-perishable products that are bought in smaller
quantities but with higher frequency.
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