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Grofers has raised $200 Million in its series F funding round led by Softbank Vision Fund.
Grofers valuation reaches $600-700 Million.
Grofers works with 4,000-5,000 small merchants who assist the company in fulfilling its orders.
Online grocery retailer Grofers has raised $200 Million in its series F funding round. The funding round is led by Softbank Vision Fund. Its existing investors Sequoia Capital, KTB Ventures and Tiger Global also participated in the funding round. It has attained the status of the highest fundraising company in India’s online grocery delivery industry. The latest fundraising is inclusive of $60 Million raised funds by the startup in February 2019. Post this fundraising the company’s valuation has reached close to $1 Billion.
Grofers opponent Bigbasket also revealed that it has raised $150 million from China’s Alibaba Group and South Korea-based Mirae-Naver. By this round valuation of Bigbasket has crossed a $1 Billion mark.
Grofers was founded by IITians Albinder Dhindsa and Saurabh Kumar. Currently, Grofers operates only in Eastern Region out of Kolkata. By using existing warehouses in the NCR region, the company is going to spread its services to nearby cities such as Rohtak, Bhiwadi, and Meerut. Grofers works with 4,000-5,000 small merchants who assist the company in fulfilling its orders.
Co-founder Dhindsa said, “We are very close to breaking even in Delhi and we have managed to break even in Gurgaon and Noida regions. Kolkata numbers are also on the verge of turning positive.” He also added by end of the current financial year many more cities will turn profitable except for the ones in western and southern India, where Grofers is still in investment mode. At the company level, we will start making profits by 2020- 21.”
Grofers is aggressively enhancing its business and trying hard to give tough competition to its rival Bigbasket.
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