With the increasing hustles of our daily life, we all look for various convenient ways to handle our household chores, and let’s be honest, getting your stuff delivered at your door-step has proved to be a lifesaver for all of us.
Online shopping and delivery that has made our much-needed products one click away and it has also given a wide array of opportunities to the entrepreneurs who are always seeking an idea for a startup.
One such entrepreneur is Mr. Anant Goel who co-founded ‘Milk Basket’, a startup based on delivering milk at people’s doorstep on a daily basis. In this interview, our team tried to find out what challenges he faced in executing his idea and also what made him achieve success in his startup.
Mr. Anant shares his initial journey when he was just entering the startup world. The idea was founded in the year 2015, and in the beginning, all the founders and partners of this startup, including Anant Goel, Ashish Goel, Anurag Jain, and Yatish Talvadia was having difficulty in attracting investors.
But slowly when people realized the potential that this startup holds, they begin showing their interest and in this way, Milk Basket ended up raising enough money to execute their idea.
Milk Basket is currently operational in Gurgaon, Noida, Ghaziabad, Hyderabad, Dwarka, and Banglore and wishes to spread their business all over the country in the near future. In today’s date Milk Basket has been successful in expanding its services which means apart from milk, they have also added grocery, fruits, and vegetable delivery as a part of their services.
As claimed by the company, today it serves over 130,000 households in the cities in which they are active. Milk Basket also states that they have been successful in completing over 3,00,00,000 orders delivered till date, which is quite a milestone for a startup.
Due to the effective model of the company, MilkBasket has attracted various investors who want to be a part of Mr. Anant’s idea. As of now, the startup has raised over $38 million in equity funding after including the recent investment of $5.5 million by Inflection Point Ventures. Other investors of Milkbasket being, Unilever Ventures, Blume Ventures, Lenovo Capital (LCIH), Kalaari Capital, Mayfield Beenext, and others.
MODEL OF MILK BASKET AND VISION:
It is safe to say that Milkbasket has a unique customer-centric model which has made them gain a very high degree of loyalty from their customers. The aspect that gives them an edge over their competitors is that their application and understanding of technology that has made the single-day deliveries possible and also the fact that they accept orders till midnight.
Due to the current situation of COVID-19, they had to craft a new working model for their company to make it more efficient. For that, they have introduced contact-less delivery to the customers, and also due to the government restrictions, their timing has been reduced to 5 AM to 7 PM.
The effective business model of Milk Basket is a success factor itself. Understanding the expectations of the consumers have always proved to be a positive aspect of any business idea. Milk basket has also been successful in executing a cost-effective supply chain as they use a very lean delivery model.
The main success factor of milk basket is the recurring order option on the platform, a real-world validation of this milk basket power users who have automated almost all her household chores and hence have free time for other tasks.
The main challenge in front of the founders during executing their startup idea was the investment. As mentioned above, they were facing issues in attracting investors to invest in their idea. But it was just a matter of time till people started believing in their startup and now Milk basket draws funding from various venture capitalists and investors.
Another challenge faced by the company as explained by Mr. Anant is to stand up to their customer’s expectations. As taking recurring orders is a commitment that the company makes to the customer ensuring that their daily needs will be fulfilled takes a lot more effort than one may think.
EMERGING TECHNOLOGY TRENDS IMPACT ON BUSINESS:
The development in the field of technology has benefited entrepreneurs majorly. The recent advancement in Machine Learning and Artificial Intelligence has played a large role in predicting the customers’ consumption patterns. Also, Artificial Intelligence has helped in understanding the basic consumer needs and their expectations from the business.