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January 24, 2018

Unilever Ventures invests in Indian grocery delivery start-up Milkbasket

Unilever's in-house venture capital arm has invested in Indian start-up Milkbasket.

By Leonie Barrie

Unilever’s in-house venture capital arm has invested in Indian start-up Milkbasket.

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

The Anglo-Dutch consumer goods giant’s Unilever Ventures arm led an investment round of around US$3m in Gurgaon-based Aaidea Solutions, which runs the grocery delivery service.

Milkbasket’s owner said it will will use the funds to strengthen technology and expand its product assortment and customer base.

The firm delivers milk, bread, eggs and butter to customers’ homes every day at 7 am and is looking to add further grocery lines to its service.

Customers put their orders in via an app up to midnight on the previous day.

Milkbasket currently takes 6,000 orders a day. They are predominantly in the Gurgaon area but the company has ambitions to expand into places such as Pune and Hyderabad.

Anant Goel, CEO of Milkbasket, said: “The endorsement from Unilever Ventures is an important mark of confidence in our potential. We envision to become a strong player in the online top-up groceries platform space in India within five years.”

Olivier Garel, head of Unilever Ventures, said: “We aim to support disruptive emerging commerce models and Milkbasket’s approach, leveraging Indian consumers’ habits and preferences, bringing convenience and attractive unit economics, is definitely one of them.” 

Milkbasket, founded in 2015, has raised money in two previous funding rounds, including one in August that gave EVC Ventures an exit.

Unilever Ventures, which invests in early-stage companies, was established in 2002.

It now has EUR450m (US$554m) under management and has 40 direct investments, including organic and non-GMO ingredients business Sun Basket, grocery store delivery business Instacart, recipe box business Gousto and smoothie brand Froosh.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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