Milkbasket To Go For IPO in Next 2-3 Years
The micro-delivery startup reported that its EBITDA was in black during the first quarter of FY21
Milkbasket, a Gurugram-based micro-delivery startup, plans to go for an initial public offering in the next two-three years, said the company’s top executive.
In a statement on Tuesday, Anant Goel, co-founder and chief executive officer of Milkbasket, made the observation while announcing that the company has reported a profitable first quarter of FY20-21 with positive earnings before interest, taxes, depreciation, and amortization (EBITDA). The company did not disclose the numbers in the statement..
“Achieving self-sustenance is in line with our 2020 plans we set for ourselves late last year. This puts us in a unique position to keep growing and target an IPO over the next 2-3 years without any further capital infusion—a testament to the sheer perseverance of our team and the loyalty of our customers,” Goel added.
Established in 2015, Milkbasket is one of the leading innovators in the daily grocery delivery segment. The startup has raised close to $33 million in funding so far and is backed by investors such as Inflection Point Ventures, Kalaari Capital, Blume Ventures, Mayfield India, among others.
Commenting on the development,Goel said, “This achievement comes at the back of our strong technology foundation, an innovative supply chain and an exceptional consumer experience that Milkbasket has delivered to over 250,000 households in 6 cities over the last 5 years.”
According to Goel, Milkbasket has become the first online grocery startup in the world to become EBITDA-positive with the deployment of under $30 million and clocking an annual recurring revenue of over $90 million. It has completed over 40 million micro-deliveries till date.
At present it is operational in Gurugram, Noida, Dwarka, Ghaziabad, Hyderabad, and Bengaluru.