Grofers raises additional $220 million
today May 16, 2019
The online fast moving consumer goods business Grofers has raised a further $220 million (Rs 1,463.6 crore) with an investment round led by SoftBank Vision Fund. The South-Korean investment firm KTB Ventures also joined as a new investor.
Grofers has paused any talks about a possible merger with BigBasket as it has raised $220 million in its recent funding round, ET Tech reported. The Japanese business SoftBank led the round investing from its $100 billion SoftBank Vision Fund and other returning investors included Sequoia Capital and Tiger Global.
The business will use the funds to allow it to compete with its competition in the online groceries space including BigBasket and Flipkart and Amazon which are both growing their presence in the segment. Grofers is focusing on fewer products and localised delivery to set it apart from its competition.
Grofers reported standalone losses of Rs 258.3 crore for the 2018 financial year down from losses of Rs 268.3 for the 2017 financial year, according to regulatory documents filed by the business. The businesses also saw revenue increase of 57.5 percent in the same time period with revenue totalling Rs 53.4 crore up from Rs 33.9 crore the year before.
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