Milkbasket co-founder’s new venture Sorted secures $5M in seed funding
- ByStartupStory | March 22, 2023
Anant Goel, the ex-CEO and co-founder of Milkbasket, has entered the fruits and vegetables (F&V) industry with a new omnichannel startup called Sorted. The startup operates as a franchisee network of digital mom-and-pop stores and has raised $5 million in its ongoing seed round.
At Sorted, customers can expect to receive fresh and high-quality fruits and vegetables directly sourced from farms.
In his venture, Anant Goel has been joined by Nitin Gupta and Sahil Madan, both former senior employees of Milkbasket, as co-founders.
According to Anant Goel, “Sorted is not aiming to revolutionise the process of buying fruits and vegetables in India, but rather address the inefficiencies that currently exist within the supply chains. Through various proof-of-concepts conducted over the past nine months, the startup is focused on solving industry-wide problems, particularly related to wastage, while still ensuring growth and profitability. By collaborating with mom-and-pop stores, Sorted aims to capture a significant portion of the high-frequency and high-margin fruits and vegetables market in India, which is valued at around $160 billion”.
The goal of Sorted is to simplify the process of stocking and selling fruits and vegetables, making it more convenient than procuring and selling products from well-known FMCG brands.
Anant Goel, the CEO and co-founder of Milkbasket, resigned from the online grocery firm in 2021 following its acquisition by Reliance Retail for $40 million.
Milkbasket, which provided household grocery products including fruits and vegetables, dairy, and bakery items, had previously raised $38.5 million in 11 funding rounds.
As a result, Goel possesses extensive experience as an entrepreneur in the fruits and vegetables industry.
Increasing digital adoption and pandemic-induced growth have led to a surge in demand for fresh fruits and vegetable delivery services in recent years.
As a result, several startups in this segment, such as Akshayakalpa, Harvesting, and Deep Rooted, secured funding in the past year.
In the highly competitive business-to-business kirana e-commerce industry, Sorted faces tough competition from established players such as Ninjacart, backed by Walmart, Udaan, backed by Lightspeed, Reliance’s JioMart, and Flipkart Wholesale, among others.
According to Goel, Sorted stands out in the market by offering a larger variety of products, while other companies typically concentrate on only the top five to six stock keeping units (SKUs) such as potatoes, tomatoes, and onions. “At present, no other company is able to provide the entire range of fresh produce at the same level of quality,” he stated. “Our primary distinguishing factor will be the range of products we offer.”
Sorted is currently concentrating on partnering with small and medium-sized stores that generate daily sales between Rs. 15,000 to Rs. 30,000.
Additionally, the company intends to release a consumer application that will enable customers to view the catalogue of its franchise stores and place orders, although the final format has yet to be established.
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