15 May 2019, India:
Online grocer Grofers has raised $200 million in Series F round of funding. The funding round was led by Softbank Vision Fund.
News investor KTB and Existing investor Tiger Global Management and Sequoia Capital also participated in the funding round.
The company will use the fresh capital to expand into new markets, bringing it’s services closer to hundreds of millions of Indian consumers, it said in a statement.
This represents the largest primary financing round in the online grocery sector in India, the company said in a statement.
With latest funding round, Grofers has raised a total of about $500 Mn in funding over 8 rounds, including this one.
Albinder Dhindsa, Co-founder and CEO, Grofers, “We are building Grofers for the millions of Indians who cannot buy groceries at low prices due to multiple middlemen and the absence of large aggregators. This latest investment will help scale the company to ensure many more customers can access the best quality products at the best prices.”
Albinder Dhindsa, added, “Grofers had a top line of $400 million and grew 8X in the last two years. It would become India’s largest online grocer this quarter.”
The company said it’s prioritizing profit given the sliver of market share served by online merchants.
Recently, Flipkart and Amazon have aggressively expanded their grocery services.
(Image – Grofers)
