The grocery delivery service imagined a brave new world where no one would need a fridge again. Now Australians must wake up to the chilling reality
his week brought dark news for Australian fans of instant gratification. MilkRun, the popular 10-minute grocery delivery app,and they would all be made redundant. Founder Dany Milham, formerly of Koala mattresses, blamed its abrupt failure on deteriorating “economic and capital market conditions”.
The hyped startup was built from the ground up as an Australian riff on the global “instant grocery” craze, which came at the tail end of the last tech boom. Like its global forebears, such as Jokr, Getir and Gopuff, MilkRun made a simple promise: groceries, delivered by bike courier in 10 minutes or less, at a somewhat reasonable price.
It made a perverse sort of sense, at least in an investor presentation. Evolving consumer habits, amplified by Covid, had in theory generated the sort of person who wouldn’t blink at paying a markup to have something delivered to them fast. Some instant grocery startups imagined a brave new world where no one would ever need a fridge or a pantry again, because everything could be supplied at the touch of a button.
But the real story here is not so much the failure of an Australian business, but the end of a global era. Since the shocks of the financial crisis, the world has been living through a prolonged low-interest rate environment, where money was virtually free and vast amounts of capital flooded into unusual harbours in search of a return.
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