Hyperlocal delivery service provider Grofers has raised $120 million in a round of funding from SoftBank, Russian entrepreneur Yuri Milner, with participation from existing investors Tiger Global and Sequoia Capital, reports the Times of India. We have written to Grofers for further details and will update the article when we hear back.
Albinder Dhindsa, co-founder of Grofers, told TOI that the company will invest the funding in building its merchant ecosystem. Note that the company raised funding worth $35 million from Tiger Global Management and Sequoia Capital India in April, less than two months after it had raised series A funding of $10 million. It had also raised an undisclosed amount in seed funding from Sequoia and Zomato founder Deepinder Goyal in December last year. This brings the total funding the company has raised to ~$165 million.
Townrush acquisition: Last month Grofers acquired the B2B logistics service provider Townrush for an undisclosed amount. The acquisition was essentially an acqui-hire with Townrush ceasing to exist as an independent company. Around the same time, Grofers also acqui-hired SpoonJoy for an undisclosed amount.
MyGreenBox acquisition: In April, the company acquired mobile grocery My Green Box. The details of the deal were not disclosed. A report on TheTechPortal stated that My Green Box’s 15 member team was brought into Grofers and Varun Khurana, founder of My Green Box, would act as the CTO of Grofers. At the time, the company said that 60% of its business came from the grocery vertical.
Grofers, which was started in January 2013, claims that it works with 250 vendors, processing 30,000 deliveries per month, out of which one fifth happen through the mobile app. It claims to process over 700 orders every day in Delhi-NCR and Mumbai. It also delivers in Pune, Bangalore and Hyderabad and claims a delivery time of less than 90 minutes. The company was also planning to add pharmaceuticals and electronics in the near future, after the recent introduction of pet food.