Grofershas 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 Funding drive.
Groferswas founded in the year 2013 by two IIT alumni, Albinder Dhindsa and Saurabh Kumar.
Over the year, the firm expanded its range of brands 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.
Grofersalso 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 makes the delivery of over 25 million products in a month. As per the data, the company generated $400 in annual revenue in the last fiscal year.
Groceries progressing rapidly and added new investments in recent years. In May this year, it secured about $200 million in Series F funding led by Soft Bank Vision Fund.
Apart from its existing investors, Tiger Global Management and SequoiaCapital, this round also saw the participation of 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 stated to PTI that the company is flourishing well with strong growth in both its online and offline businesses.
And, it is focussing on growing 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 inDelhi-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 hitting the capital market with an initial public offer in the coming future.
