Milkbasket bets on a new service to strengthen the final results and contemplates profits in fiscal year 21
New Delhi, December 3 () The daily grocery delivery platform, Milkbasket, said Tuesday that it launched a hand delivery service for fresh meats, which is expected to contribute 10 to 15 percent of the company's results , since it aims to achieve profits in fiscal year 21.
Milkbasket, which already offers the delivery of more than 9,000 products in the categories of consumer goods, dairy products, fruits and vegetables, currently has an average income rate (ARR) of approximately USD 50 million.
This is Milkbasket's first assisted delivery service, since all existing daily deliveries (more than 75,000) are contactless. We have just started the service at Gurugram and we are already receiving more than 1,000 orders per day, said CEO and co-founder of Milkbasket, Anant Goel. .
The company will soon launch hand delivery of fresh meats in other cities with its own private label, he added.
The service was launched with a shipping fee of Rs 9 per delivery.
Goel said the service offers a high margin and will contribute 10 to 15 percent of the company's results.
The launch is part of our efforts to focus on profitability and since this is a high margin category, we expect it to contribute 10 to 15 percent to the bottom line ... Depending on several factors, we should achieve profitability in fiscal year 21, he said.
Goel added that less than 25 percent of its sales come from milk, and fruits and vegetables are the second largest category by sales. Milkbasket currently operates in Gurugram, Ghaziabad, Noida, Delhi and Bengaluru. It has raised about USD 26 million in capital funds from Mayfield India, Beenext, Kalaari Capital, Unilever Ventures, Blume Ventures, Lenovo Capital (LCIG), few family offices and USD 2.2 million in risk debt funds from Innoven Capital. SR BAL