Hyperlocal delivery service startup Milkbasket has closed a fresh round of investment of $5.5 mln led by Inflection Point Ventures. The company plans to turn profitable in 2020.

It also raised funds from existing investors Blume Ventures, Kalaari Capital, Mayfield India, Unilever Ventures and BeeNext.

“This is probably our last fund raise on our path to profitability – that we target to achieve in 2020,” said Anant Goel, co-founder, CEO, Milkbasket.

The Gurugram headquartered company has built a new-age technology platform to enable frequent and frictionless buying with features like contactless delivery, one-click buying, and no checkout, all a first in the e-commerce industry, it said.

“Our Gurgaon, Noida and Bangalore operations are already breaking even with other cities on an accelerated track. These funds will provide a further boost in our efforts to achieve the same and necessary buffers to deal with any eventualities,” he said.