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Grofers raises Rs 400 crore in fresh funding round led by Softbank

grofers

Online grocery delivery company, Grofers has raised Rs. 400 crore ($61.6 million) in a fresh funding round led by SoftBank. Other existing investors, including Tiger Global and Russian billionaire Yuri Milner-backed fund Apoletto Asia, also participated in this round. The total funding raised by Grofers now stands at $226.5 million. In October 2017, Grofers had Rs 96 crores from its Singapore-based parent company Grofers International. Before that, the company had raised $120 million from SoftBank, Russian entrepreneur Yuri Milner, with participation from existing investors Tiger Global and Sequoia Capital, in November 2015. The firm said a significant amount of investment will go towards building infrastructure and technology. Grofers also plans to use the money to efficiently manage its supply chain to achieve deeper penetration in cities where it is already present. DIPP approval In July 2017, Grofers received the final approval from the Department of Industrial Policy and Promotion (DIPP) to stock food and food products and sell it through both online and offline channels. At the time, the company had said that this approval will now allow it to set up a direct line with farmers, which in turn will reduce wastage and thereby make it possible to offer its customers lower prices, according to this Livemint report. The report also mentioned that food and food products accounted for 70% of Grofers’ sales. Grofers had applied for approval “to undertake trading including through e-commerce in food products manufactured and/or produced in India” in August last year. This after the government allowed 100% FDI in single-brand retailing for the…

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