New Delhi: E-commerce marketplace Flipkart founder Sachin Bansal's firm BACQ has granted Rs 20 crore debt to daily grocery delivery service Milkbasket 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 a period of three years from BACQ," Anant Goel, Co-founder and CEO of Milkbasket said.
Milkbasket has raised close to USD 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.
Also read: Amazon workers criticise its one-day delivery plan
"The debt will be used for investment in automation. We will also use it to facilitate our expansion in two more cities," Goel said.
The company expects to grow business by five times in the next fiscal year at current growth rate.
Launched in 2015, Milkbasket delivers groceries, including branded milk, fruits and vegetables, in Noida, Bengaluru and Gurugram.
