Milkbasket has moved forward its intention to launch its Initial Public Offering in the second half of next year, guided by solid market growth in recent months during the pandemic, the company executive said.
Concerning PTI, Anant Goel, CEO of Milkbasket and co-founder, said that the rapid adoption of domestic food deliveries by consumers during the pandemic gave them the impetus to Initial Public Offer (IPO) in just one year.
“We have had an almost perfect track record in achieving growth objectives with the rapid implementation of home-based food supplies among the consumers following the pandemic since its establishment in 2015, and we have been moving towards IPO targets within a year that we initially plan for 2023,” he said.
Goel also declined to comment on its sale to Paytm Mall and Reliance Industries for negotiations.
“There are stories that I continue to read. We don’t want to get bought. We are open to acquisitions, like any other start-up, but we don’t sell the company.
Goel said that over the last few months the company has seen considerable growth in its revenue.
The current average revenue run rate (ARR) in five cities (Delhi, Noida, Gurugram, Ghaziabad, and Bengaluru) is around USD 100 million, with Milkbasket already delivering over 9,000 items in rapid-moving consumer goods, categories of milk, fruits, and vegetables.
The equity fund from Inflection Point Ventures, Mayfield India, Beenext, Kalaari Capital, Unilever Ventures, Blume Ventures, Lenovo Capital (LCIG), few family offices, and Innova Capital’s venture finance has increased by a total of USD 33 million.
Interestingly, Grofers, who was supported by Softbank, had discussed further advancing its intention to launch an initial public offer by the end of the following year following its lockdown period’s zoom in profitability.
“Consumers have the choice and they can determine if it’s the cheapest item, the highest quality, a wide range of items or (which they want) guaranteed delivery. JioMart would further widen the market and provide consumers with more options,” he said.
Goel added that the business meets all its household needs, including daily items like milk, to a niche group of customers. The delivery is made every day and customers have the option of placing the order before noon and receiving the order before 7.00 am and thus never waiting for the deliveries.
