GROFERS CONTINUES TO ADD FUNDS TO ITS CART, BAGS RS 321 CR FROM THE PARENT COMPANY
Grofers has bagged Rs 142.6 crore from Bennett and Coleman Private Limited and an infusion of Rs 321 crore from its parent company in Singapore, Grofers International Pvt. Ltd. Grofers had added this fund as part of its Series F funding drive.
Grofers was founded in the year 2013 by two IIT alumni, Albinder Dhindsa and Saurabh Kumar. Over the year, the firm has expanded its own range of brands in the last year and has more than 800 products spread across categories like pantry staples and kitchen ingredients, FMCG, personal hygiene covering soaps, shower gels, and facewash, household needs including cleaning products, and furnishing items.
Grofers also owns two major brands- Grofers Happy Day and Grofers Happy Home. About 90 percent of Grofers’ users are purchasing products from these brands.
Today, the company has a network of 6,000 partner stores on its platform and make the delivery of over 25 million products in a month. As per the data, the company has generated $400 annual revenue in the last fiscal year.
Grofers is progressing rapidly and adding new investments in recent years. In May this year, it secured about $200 million in Series F funding led by SoftBank Vision Fund. Apart from its existing investors, Tiger Global Management and Sequoia Capital, this round also saw the participation from a new investor, South Korean Investment firm KTB. In July also, it raised $10 million from Capital Investment LLC, an Abu Dhabi-based entity.
In September, Grofers had given a statement to PTI that the company is flourishing well with strong growth in both its online and offline businesses. And, it is focussing to grow with a target to cross the $1 billion revenue mark by the end of 2019. Further, the company shared that it was working with brick-and-mortar stores in Delhi-NCR to shift them into its own branded outlets and that it was looking to add 700 such Kirana stores to its network.
Today, Grofers is one of the major competitors of BigBasket and Amazon Fresh and is on the way to hit the capital market with an initial public offer in the coming future.