The Silicon Review ^Asia

Milkbasket is now introducing private labels in categories like bakery, fresh produce, and dairy. With this new move, the Grocery delivery firm hopes to bring in more than 40 percent of its revenue through the new products. CEO and co-founder, Anant Goel, pointed out the good response the company had received while experimenting with private labels. The experiment lasted for one year and was carried out with private labels across categories like pulses, eggs, whole spices, and dry fruits. Five separate brand lines for bakeries, food, non-food, dairy and fresh produce will now be introduced.

The current contributions of private labels are at 20 percent of the revenue and are soon expected to double by the year-end. The overall gross margin – 20 percent of the business – is higher in Gurugram compared to Hyderabad, where the company has just started its operations. Apart from Gurugram and Hyderabad, the company also operates in cities like Ghaziabad, Noida, Delhi, and Bengaluru. With equity funding from Beenext, Kalaari Capital, Blume Ventures, Unilever Ventures, Lenovo Capital, Mayfield India among others, the firm had reportedly raised around USD 26 million. The company had also raised close to USD 2.2 million from Innoven Capital in the form of venture debt funding.