SoftBank invests $60 Million in Grofers

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Gurugram-based online grocery startup Grofers has raised nearly $60 Mn in a fresh Series F funding round from Masayoshi Son-led SoftBank Vision Fund (SVF). This is reportedly the first tranche of the larger $120 Mn-$140 Mn funding round that is under works for Grofers.

A source close to the development confirmed the funding to Inc42. With the fresh funding, Grofers is now valued at $425 Mn post-money according to data intelligence platform paper.vc. Currently, SVF holds around 42% stake in the company.

Founded in 2013 by IIT graduates Albinder Dhindsa and Saurabh Kumar, Grofers offers products across categories such as grocery, fruits and vegetables, beauty and wellness, household care, baby care, pet care, bakery, and meats and seafood, among other things. It operates in 13 cities.

SoftBank had earlier led a $62Mn funding round in Grofers, acquiring 35-40% stake in the company in February.

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