India’s leading online e-commerce platform Flipkart (now owned by Walmart) co-founder Sachin Bansal’s firm BACQ invested $2.86 million (20 Crore INR) debt investment in daily grocery delivery service Milkbasket.
The investment cycling will happen for a period of three years.
“We are excited to have Sachin Bansal and BACQ on board. We have raised venture debt of Rs 20 crore for period of three years from BACQ,” Anant Goel, Co-founder and CEO of Milkbasket said.
Milkbasket has raised close to $16 million (about Rs 111 crore) from Mayfield Advisors, Beenext, Kalaari Capital, Unilever Ventures, Lenovo and Blume Ventures. It recently acquired Veggie India to further deepen its footprints in Delhi-NCR.
“The venture debt will be used for investment in automation. We will also use it to facilitate our expansion in two more cities,” Goel said.
Launched in 2015, Milkbasket delivers groceries, including branded milk, fruits and vegetables, in Noida, Bengaluru and Gurugram.