Milkbasket is Achieving Positive Unit Economics: Anant Goel
When Anant Goel started Milkbasket in 2015, he was quite confident of cashing in on the rising trend of online grocery orders. “The way we have created our business model, we were able to achieve unit economics in the first six months of incepting the business. And since then we have been unit economic positive,” says Goel who delivers grocery on an average basket price of Rs 3700 per household with 20 orders a month.
Together with his cofounders- Ashish Goel, Anurag Jain and Yatish Talvadia, Milkbasket has pioneered in micro-delivery concept of grocery retailing and now delivers only in select areas while expanding its network with new launches every week, making the life of 35,000 households easier by giving them an online and in-app platform to order their groceries.
With the recently raised $3M in pre series A round from Unilever Ventures, Blume Ventures and Lenovo Capital (LCIH), Goel feels that Milkbasket is different from the regular mom and pop shops as it is enabled with technology. As a result, Goel plans to hire at least 2,000 employees within the next 12-18 months and aspires to serve over a million households by 2022. “This would be our first step to realise this mission. We will be strengthening our team with additional 2,000 employees to serve up to 50,000 daily orders in Gurgaon,” adds Goels whose current business is at ARR of ~40Cr and projecting to end the year with an ARR of ~200Cr.
Talking about the successful mantra of micro-delivery business, Goel feels that the micro-delivery platform is built around daily subscription, and grocery, FMCG products come as natural extension. “Once this strong relationship is built with your customer, one can also cross-sell grocery or other FMCG products easily,” he explains.
So is the micro-delivery business changing the consumer behaviour? Goel is quick to respond, “It is changing the behaviour towards a habit forming, highly convenient way to fulfil the grocery needs for a household.”
