Business News
SoftBank group leads fresh ₹400 cr fund infusion into Grofers
With the new round of funding, Grofers said it would continue to invest in building private labels
Online grocery firm Grofers has raised ₹.400 crore in a fresh funding round led by the Japanese conglomerate SoftBank Group.
The funding round also saw other investors, including Tiger Global and Apoletto Asia and the fund raised by the leading e-grocer stands at $226.5 million.
With the new round of funding, Grofers said it would continue to invest in building private labels and supply chain improvements.
A significant amount of investment would go towards building infrastructure and technology and efficient supply chain management to achieve deeper penetration in existing cities, it added.
“This fresh round by our existing investors is a vote of confidence 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,” Albinder Dhindsa, Co-Founder and CEO, Grofers, said.
