International Development News
Development News Edition
Give Feedback

Milkbasket acquires Bengaluru-based PSR Supply chain

PTI New Delhi
Updated: 09-07-2019 15:42 IST
Milkbasket acquires Bengaluru-based PSR Supply chain

Daily grocery delivery firm Milkbasket Tuesday said it has acquired Bengaluru-based PSR Supply chain. The company, however, did not disclose the deal amount.

Set up in 2015 by Nagarjuna Reddy Chagamreddy and Sai Abhishek Velukuru, PSR Supply Chain is a local e-grocery store, and Milkbasket has integrated the startup's customers and offering into its portfolio, Milkbasket said in a statement. PSR Supply Chain has ceased operations as of June. In four years of operations, the company established a network of over 4,000 registered customers and its last reported annual turnover was over Rs 2.5 crore.

"The acquisition of PSR Supply Chain helps us in further strengthening our customer base and offerings in Bangalore. 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," Milkbasket co-founder and CEO Anant Goel said. Earlier this year, Milkbasket had acquired Noida-based Veggie India.

Unilever Ventures-backed Milkbasket had launched operations in early 2015. It has till date raised close to USD 26 million (approx Rs 180 crore) in equity funding and counts Mayfield India (rpt) India, Beenext, Kalaari Capital, Lenovo Capital and Blume Ventures among its investors.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)