Chhavideep Singh
Source: TechCircle
Grofers is a Gurugram-based e-grocer, a low-price online supermarket that provides delivery of groceries at your doorstep. Recently, according to several reports, it has been confirmed that Grofers is in advanced talks to raise funds worth USD 70 million to USD 100 million in a fresh round from its existing investors.
According to a report by Entrackr, it has been confirmed that Grofers has raised an undisclosed amount of funds from Euler Fund, a Chicago-based global asset management and investment firm. However, the funding round is yet to be materialised as mentioned in the report.
According to the regulatory filings filed by the online grocer in the Singapore show, the data reveals that Grofers has allotted 52,715 shares at an issue rate of USD 52.16 per share to raise a total amount of USD 2.75 million. Euler Capital Funds is the newest addition in the company’s ongoing Series F round.
Grofers’ company profile on CrunchBase reveals that the Gurugram-based start-up has raised a USD 177.5 million in its latest Series F financing round, to date where more than USD 170 million have been raised single-handedly by SoftBank alone, as mentioned in a report by Entrackr.
The company’s Series F funding round initiated back in May 2019 with a USD 220 million investment from SoftBank Vision Fund. Another major investment made in Grofers’ Series F round was worth USD 1.4 billion, made by Mumbai-based Bennett Coleman and Co. Ltd. back in October 2019. In November 2019, Grofers International infused USD 3. 2 billion in the company as a Series F funding investment.
Having said that, Entrackr’s report suggests that the overall post-money valuation of the company has not changed with this investment. The company remains at USD 644 million valuation after its current investment from Euler Capital Fund as it previously was during the last fundraise.
Talking about Euler Capital, the Chicago-based company is a global asset management and investment services start-up that specialises in these two fields. The company is not an active investor in the Indian market and before Grofers, the firm invested USD 100 million in Cars24 as a part of its Series D funding round.
According to multiple sources and as mentioned in several reports including Entrackr, Grofers is also planning to go public in the United States through a non-conventional SPAC option instead of an Initial Public Offering. SPAC stands for Special Purpose Acquisition Company and Grofers is looking to initiate going public by means of a merger with a SPAC. This method is designed for companies to go public without going through the rigorous process of an Initial Public Offering.