SoftBank to Lead $150 Million Funding Round in Grofers

0
Latest startup news in India

Japanese conglomerate SoftBank may lead a funding round worth $150 million in Gurugram-based grocery startup, Grofers. The other participants in the latest funding may include German retail group Metro AG. The existing investors, Tiger Global, Russian billionaire Yuri Milner, and Sequoia Capital may also pump in cash in the fresh funding round.

According to reports, SoftBank has decided to double down on its investment in Grofers, as SoftBank and Alibaba’s plans for a possible merger between Grofers and its rival BigBasket have not progressed.

Grofers was founded by by IIT graduates Albinder Dhindsa and Saurabh Kumar in 2013. It 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. Indian grocery sector is set to achieve a growth of ₹100 billion in the next three years.

Web Hosting

LEAVE A REPLY

Please enter your comment!
Please enter your name here