Grofers adds SoftBank’s $170 million to cart

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Updated: August 20, 2019 7:05:54 AM

Tiger Global Management has invested close to $19.99 million while Sequoia Capital invested $1.99 million and Abu Dhabi Capital Group $9.9 million, according to documents sourced from paper.vc.

Grofers has reportedly clocked sales of Rs 2,500 crore in the year to March 2019 and is aiming to double this to Rs 5,000 crore in the current financial year.

SoftBank has invested about $170 million in Grofers as part of the online supermarket’s over $200-million Series F funding round.
The investment, completed last week, gives Grofers a post-money valuation of nearly $567.34 million, according to analysts at business signals platform paper.vc. While Grofers has received close to $201.78 million so far, more is expected from UAE-based funds. An announcement is expected in the next two to three weeks, sources added.

Tiger Global Management has invested close to $19.99 million while Sequoia Capital invested $1.99 million and Abu Dhabi Capital Group $9.9 million, according to documents sourced from paper.vc. In May, Gurgaon-based Grofers said it is raising over $200 million led by SoftBank Vision Fund (SVF) to expand into new markets, widen its portfolio of private label offerings and build its supply chain and warehousing infrastructure. So far, Grofers has raised close to $450 million in funding since 2015.

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Grofers has reportedly clocked sales of Rs 2,500 crore in the year to March 2019 and is aiming to double this to Rs 5,000 crore in the current financial year. The company narrowed its losses to Rs 258.30 crore in FY18 from Rs 268.32 crore posted in FY17, data sourced from business intelligence platform Tofler showed.

The company, which was earlier a pure hyperlocal and shifted to an inventory-led model, is banking on private labels in the fast-moving consumer goods (FMCG) segment to drive its second phase of growth. It recently concluded its nine-day grand orange bag days sale (GOBD) that provided 100% cashback of up to Rs 5,000.

In an interview to a newspaper, co-founder and CEO Albinder Dhindsa said the company sold goods worth over `400 crore during the sale, beating estimates of Rs 370 crore.

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