Milkbasket, a daily grocery delivery firm, has acquired Bengaluru-based eGrocery distributor PSR Supply Chain to strengthen its customer base for an undisclosed deal amount.
PSR Supply Chain was set up in 2015 by Nagarjuna Reddy Chagamreddy and Sai Abhishek Velukuru. The company ceased its operations in June 2019. In these four years, the company has established a network of over 4,000 registered customers. The last reported annual turnover was over Rs 2.5 crore.
Milkbasket told ET that it has integrated the start-up’s customers and offering into its portfolio. Anant Goel, co-founder and chief executive officer, Milkbasket said, “The acquisition of PSR Supply Chain helps us in further strengthening our customer base and offerings in Bengaluru. While we are growing phenomenally on our own, we are always on the lookout for strategic acquisitions to help us shorten our learnings in specific regions or technologies.”
Earlier this year in March, Milkbasket had acquired Noida-based Veggie India to strengthen its foothold in Delhi/NCR region. Milkbasket had launched its operations in early 2015 to become a daily micro-delivery service. The company has built a new-age technology platform to enable a smooth grocery buying online experience for its customers, with unique features like one-click buying, no checkout and contactless delivery. The packages are delivered to homes the following morning.
The company has successfully raised close to the US$ 26 million (approximately Rs 180 crore) in equity funding till date and counts Mayfield India, Beenext, Kalaari Capital, Lenovo Capital and Blume Ventures among its investors.