Grofers raises $60 Mn in Series F round from SoftBank

Private label focused online grocery platform Grofers has raised $60 million fresh funds in Series F

round from SoftBank Vision Group. The investment appears to be a part of $120-140 million round that the Gurguram-based company is eying to close.

With this round, Grofers has scooped up about $285 million risk capital from SoftBank, Sequoia Capital, and Tiger Global among others. The company is reportedly valued $425 million (post-money).

Grofers was valued to be more about $250 million when it raised last funding round in March last year. Currently, SoftBank Vision Group owns about 42 per cent equity in the company.

Grofers is in a direction to become 100 per cent private label driven online grocery store. Its plans to evolve as private label brand in FMCG and staple verticals. Differentiating further from competition, the firm has now been betting big on group buying. Presently, the company claims a monthly revenue run rate of Rs 150 crore and expects to earn Rs 2,500 crore in FY19.

 

The firm has been expanding its group buying programme (GBP) in categories including kitchen utensils, cosmetics, and food items like cereals and biscuits. Buoyed by initial traction, the company anticipates GBP to contribute 25 to 30 per cent revenue in the current fiscal.

Funding Details

The fresh infusion from SoftBank is much needed round for Grofers as online grocery has turned hyper-competitive in the past few months. Besides BigBasket, Swiggy also entered the space with Swiggy Store. Currently, it’s delivering eventually everything including grocery.

 

In one of the largest funding round in the space, Alibaba led a $300 million(Rs 1,921 crore) Series E round in Bigbasket in February last year.

With the help of a 57.7 per cent jump in revenue, Grofers has also earned Rs 53.47 crore during FY18. Meanwhile, the company controlled its losses by a mere 3.7 per cent from Rs 268.33 crore in FY17 to Rs 258.3 crore in FY18.

 

  • Share your mind about this:

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

css.php
Agri-tech startup DeHaat raises pre-Series A funding
Amazon-Backed Acko Raises Fresh $65 Mn In Series C Funding
Opposition Leaders hail IAF, PM Modi says ‘Nation in Safe Hands’
Live streaming app Bigo announces $100 Mn
Alibaba buys 14% stake in China courier firm in $693M deal
Hyundai in talks with Ola to pump upto $300 Mn as strategic fund
Grofers raises $60 Mn in Series F round from SoftBank
Basic Dining Table Etiquettes That You Should Follow
Black Shark 2 With Snapdragon 855 and 12GB RAM goes official
Samsung Galaxy S10 series India launch date revealed
HDMI 2.1 Explained: Everything You Need to Know in One Place
Xiaomi Mi MIX 3 5G version likely to launch on February 24
Softbank-backed OYO to acquire FreshMenu in a $50-60 Mn deal
DesignCafe bags Rs 200 cr funding from WestBridge Capital
OnePlus Explorer Backpack goes on sale for Rs. 4,990
Bengaluru startup Doodhwala to raise ₹85 crore