Gurgaon based online hyperlocal market startup Grofers raises 400 crore funding from Japanese conglomerate SoftBank Group, Tiger Global, and Apoletto Asia. The Grofers has raised so far $226.5 million funding.
However the early investor in Grofers, Sequoia Capital will not participate in this round.
Pixr8 news was the first platform which discloses about this deal earlier.
Using Series E round funding, the company will continue to invest in building private labels and supply chain improvements.
A significant amount of investment will go towards building infrastructure and technology and efficient supply chain management to achieve deeper penetration in existing Grofers cities.
“This fresh round by our existing investors is a vote of confidence and trust in the turnaround at Grofers. We took some hard decisions to fix parts of the business that were not scaling well. Our efforts have clearly contributed in making sure we have a clear path to profitability as well as the largest market share in the online grocery segment; having grown four-fold in the last one year for monthly sales in excess of Rs.100 crore,” said Grofers co-founder and CEO, Albinder Dhindsa.
Founded in 2013, The hyperlocal platform serving on an average of 25,000 orders a day with an order value of Rs.1400. It has previously raised USD 166.5 million from investors like SoftBank, Sequoia Capital, and Tiger Global.
On a related note, with Indian customers getting more familiar with online grocery shopping, the overall online grocery market is expected to move up the curve and touch USD 1 billion by this year compared to USD 600 million in 2016.
As per the research, the total Hyperlocal market valuation is $1 Billion in 2017. In which Bigbasket acquire 35% market share, followed by Grofers and Amazon at 31.5% and 31.2%, respectively by March 2017.