Thread by @jshilanjanm

Acquired by Mukesh Ambani in a hostile takeover, #Milkbasket is growing on steroids 🚀🚀🚀

Who knew #Reliance could turn it around & expand so well, so quick!

Let’s start from the beginning 👇

Founded in 2015, Milkbasket raised ~$40 million in its lifetime 💰

It shot to attention after Vani Kola of Kalaari Capital invested in it.

Kola was known to have the Midas touch. Thus, marquee investors like Blume Ventures, Mayfield Fund, Unilever Ventures & many more followed.

Milkbasket would let people order till midnight & then deliver by 7am.

By mid-2019, it was doing >1L orders/day.

But, it had burnt a lot of funds to get there, and was facing difficulty in convincing investors anymore 😓

Thus, as of 2021, the biz was engaged with multiple companies for a sale.

Reliance Retail & BigBasket were not okay with the valuations.

But, it then got term sheets from Swiggy & Amazon.

And this was when Reliance swung into action ⚡

It got Kalaari to sell its entire 15.26% stake to Mahendra Nahata at mere Rs 400cr valuation 🤯🤯

Given Nahata was one of the Board of Directors of Reliance Jio Infocomm, it was clear who the real buyer was.

Thus, no one else could acquire Milkbasket now 🙇🏻

The founders & other investors were furious as Rs 400cr was way lower than its last valuation.

Thus, they offered to buy Kalaari’s stake at a higher valuation. But, nothing worked 😓

Thus, with no sale or funding possible now, it went for a distress sale to Reliance.

Weeks later, Kalaari received a $100 million cheque from Reliance to support its latest fund 😅

And, that was the end of Q2FY22.

Here’s what's happened since 👇

Q3FY22:
⚡ Daily orders up 50% within a quarter

Q4FY22:
⚡ Daily orders & revenue, both grew 100%
⚡ Reliance declared MilkBasket as stable & ready for scale-up
⚡ Entered more cities like Jaipur & Chennai

Q1FY23:
⚡ Expanded to >30 cities, compared to ~20 when acquired
⚡ Grew the SKUs (products) on offer to about 4k

Q3FY23:
⚡ Expanded to 35 cities
⚡ Daily orders & revenue growth rate at 100%+ YoY

Q4FY23 (Ongoing):
⚡ SKUs on offer crossed 5k!
⚡ Launched in Udaipur days ago
⚡ Then in Thiruvananthapuram a day later
⚡ Footprint has doubled since acquisition to >40 cities

That’s how MilkBasket has been scaling fast & giving competition to Country Delight, BigBasket’s BBDaily & more.

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