Milkbasket Expects 40% Revenue Contribution

Milkbasket  bets on private labels,expect 40% revenue contribution

Grocery Delivery Firm Milkbasket is looking at bringing in private labels across categories like diary,bakery and fresh produce and expects about 40 percent revenue from such products by the end of the year.

For this, they have been experimenting with private labels and has seen a good response to these productss.They have been doing their experiments in the categories like eggs, pulses,whole spices and dry fruits.

Now they are expected to create five separate  brands lines foe diary,bakeries, food, non-food and fresh produce.These was told by Anant Goel ,the co-founder and CEO of Milkbasket. He also added that sourcing of these items is under works and brand name and other details will be formalized in the first half of the year.

By 2020 December,the company expects its average revenue run rate to be upwards of 100$million which is about 710 crores.They operates in the cities like Gurugram, Ghazibad, Noida, Delhi, Hyderabad and Bengaluru.

 The consistency in the performance of these cities are expected to meet the desired set of goal of the business.the company has raised close to $26 million in equity funding from Mayfield India, Beenext, Kalaari Capital, Unilever Ventures, Blume Ventures, Lenovo Capital (LCIG), few family offices, and $2.2 million in venture debt funding from Innoven Capital.Goel added that sourcing of these items is under works, and brand name and other details will be formalised in the first half of the year. "Private labels are already contributing 20-22 percent of revenues and we expect to double this, get to about 40 percent by the end of the year," he said.