Grofers raises $60 million, valuation rises to $425 million
Online supermarket Grofers valuation rose to $425 million (Rs 3,017 crore) on the back of its recent fundraising of $60 million from Japan's SoftBank Vision Fund (SVF), Tiger Global and Sequoia Capital.
With the latest funding, the Gurgaon-based firm has so far raised over $300 million. SoftBank invested a major chunk of $37.49 million in the company with Tiger Global and Sequoia Capital investing $19.99 million and $1.99 million respectively, according to a report in the Financial Express.
Grofers is expected to use to funds in the diversification of its business especially on expansion into the fast-moving consumer goods segment.
Grofers had reported standalone losses of Rs 258.3 crore ($38.83 million) for the 2018 financial year down from losses of Rs 268.3 for the 2017 financial year. Grofers also reported a 57 percent increase in revenue in the 2018 financial year compared to the year before. The business’ revenue totalled Rs 53 crore in the 2018 financial year as against Rs 40 crore it reported the year before.
Grofers, which sells fast moving consumer goods products including cosmetics and personal care items, has set a revenue target of $2.5 billion by 2020 fuelled by a massive expansion of private label goods.
Founded in 2013 by IIT graduates Albinder Dhindsa and Saurabh Kumar, Grofers currently operates in 13 cities across India.
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