Indian online hyperlocal delivery startup, Grofers has announced a fresh fund of $120 million from Japan’s Softbank Corp and some other investors, which takes its total capital to $166.5 Million. The other investors include Russian entrepreneur Yuri Miller and existing investors Sequoia Capital, Apoletto Managers and Tiger Global.
In addition to this latest round of funding, the company had raised $35 million from Sequoia Capital and Tiger Global this April. Both Sequoia Capital and Tiger Global had also invested $10 million back in February. This total funding of Grofers now reaches to more than $165 million. This new round of funding is largest amount of fund raised by any Indian Startup at this stage.
Grofers is an online delivery portal that connects customers to local stores. Saurabh Kumar and Albinder Dhindsa founded this startup on December 27, 2013. As of now, Grofers operates in 25 cities and company is planning to expand its business to some other cities as well. The company will use this fund to increase its product based on its platform.
The online delivery service takes almost 30,000 orders per day. The delivery service has more than 4,000 delivery crew members, which is growing very fast. It lists all kind of stores ranging from grocery to medical store on its platform. Currently, Grofers have to compete with some other same kind of service providers like BigBasket, Peppertap and others.