Just after securing $62 Million in the funding round of Series E led by the Japanese firm Softbank Group, the online grocery platform has now secured $60 Million in the fresh funding round from the Softbank Vision Fund, according to the report revealed. Some other investors include the Sequoia Capital and Tiger Global.
The latest round of funding has now also made the company valuation to $425 Million according to estimate from the business intelligence
Grofers has also raised just more than $300 Million since its inception in 2013.
Grofers has been putting together a strategy to make cheaper consumer goods available to the masses. “There are logistics and storage costs involved in transporting goods from the manufacturers to the wholesaler and then to the retailer. All of that goes away in our case,” founder Saurabh Kumar had told Economic Times earlier.
SoftBank Vision Fund, which also has a total size of around $100 Billion has now more than 54 investments. Its more recent investment was in this month when it invested around $1.5 Billion in the Chehaduo, an online car trading platform.
Picture Credits: Grofers