Milkbasket to invest ₹10 Cr for scaling up business

SA TeamJanuary 5, 2020

Post Views: 4,970

Key Highlights

Milkbasket start-up is planning on investing ₹10 Cr in order to scale up the vegetables and fresh fruits category.

The company is going to start these collecting centres with the aim of promoting appropriate agricultural practices so that best quality yield is produced.

The fresh fruits and vegetables category currently contributes to over 25% of the Milkbasket sales.

Milkbasket which is an online Grocery delivery start-up is planning on investing ₹10 Cr in order to scale up the vegetables and fresh fruits category. The company aims on starting 10 new scouring centres in the country.

Following the footsteps of the highly successful Bakhtawarpur centre, Delhi that receives fresh produce from over 20 villages near the city, Milkbasket is considering villages in Nasik, Haryana, Himachal Pradesh, Bangalore, Hyderabad and Uttar Pradesh as the ground for the next wave of collecting centres.

The company is going to start these collecting centres with the aim of promoting appropriate agricultural practices so that best quality yield is produced. It also plans on maintain the cold chain in order to reduce food wastage and to conserve the nutritional value of the yield.

Along with this, direct farm sourcing paired with direct sales translates to cost effectiveness. Also, there is no leakage of margin to middlemen or other business players, said the company in a statement.

The fresh fruits and vegetables category currently contributes to over 25% of the Milkbasket sales. The start-up plans to grow this by 1.5 times over in the span of next one year.

Milkbasket also has ties with various farmers’producers’ organisations (FPOs) all around the country so as to procure produce directly from states like UP, Gujarat, Bihar and Himachal Pradesh. The company also plans to dip its toes in contract farming as they fully believe that when done right, contract farming can be mutually beneficial for the farmers as well the stakeholders.

The company is partnering with various agronomists and farming experts so as to help farmers develop better agricultural techniques as well. As a step towards its goal Milkbasket has partnered with numerous hydroponic farms in an effort to supply 100% pesticide free produce to its consumers.

Milkbasket’s CEO and Co-founder AnantGoel said that their company will be continuing to invest in a large scale so as to establish a smooth distribution and processing network over the course of the next year.

Milkbasket was launched in 2015.

Stay connected with us for latest updates!