Partnerships / Acquisitions

Indian Delivery Co Milkbasket Buys eGrocer PSR Supply Chain

Indian Delivery Co Milkbasket Buys E-Grocer PSR Supply Chain

Indian online grocery delivery company Milkbasket has acquired online grocery distributor PSR Supply Chain, according to reports.

The amount of the acquisition wasn’t disclosed. 

“The acquisition of PSR Supply Chain helps us in further strengthening our customer base and offerings in Bengaluru,” said Anant Goel, co-founder and CEO of Milkbasket.

Milkbasket is Delhi-based, and it’s been acquiring properties all over India to widen its customer base, including a vegetable supplier called Veggie India. 

“Milkbasket is India’s first and largest daily micro-delivery service. Built on the unique Indian habit of getting fresh milk delivered at home every morning, Milkbasket (accessible on milkbasket.com, iOS and Android) is today fulfilling the entire grocery needs of a household every day before 7:00 a.m.,” the company said on its website.

PSR Supply Chain serves customers in east Bengaluru and has more than 4,000 registered customers with a reported annual turnaround of more than ₹2.5 crore ($364,700).

“While we are growing phenomenally on our own, we are always on the lookout for strategic acquisitions to help us sharpen our learnings in specific regions or technologies,” Goel said.

Milkbasket said last month that it was going to invest ₹10 crore to upgrade its vegetables and fruits category and set up 10 more collection centers across the nation. 

The company has ongoing collaborations with farming organizations across India to get products directly from places like Bihar, Himachal Pradesh, Uttar Pradesh and Gujarat. 

Milkbasket was founded in 2015, and it has thrived by creating new technology and a proprietary platform to simplify the online grocery buying process with features like one-click purchasing, contactless delivery and no checkouts.

Last month, the company raised ₹15 crore ($168,087,750) from InnoVen Capital, a venture debt firm, which was its first deal of that type. The company has secured about $26 million in equity funding from Mayfield, Beenext, Kalaari Capital, Unilever Ventures, Lenovo Capital (LCIH), Blume Ventures as well as some smaller family funders.

In July, Milkbasket raised $10.5 million in a Series B funding round. 

——————————

NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

TRENDING RIGHT NOW