Soft bank leads rs780cr funding in grofers

1. SoftBank leads Rs780cr
funding in Grofers
Startup's Valuation Zooms 10-Fold In Less Than A Year

2. Contd…
Grofers, a hyperlocal express delivery startup, has raised $120 million, or Rs 780
crore, in a new funding round which is being led by Japan's SoftBank Corp. Existing
investors in the two-yearold Gurgaon-based company , Tiger Global, Sequoia
Capital and Apoletto Managers, a personal fund managed by DST Global's partners,
have also participated in this new round, the third one this year for
Grofers.Albinder Dhindsa, founder & CEO, Grofers, confirmed the development to
TOI exclusively .
Sources privy to the fund-raise said the company has gone from being valued at
$33 million, when it raised its Series A round in February, to more than $300 million
in its latest fund-raise.That's a 10-fold increase in valuation in less than a year.
This $120-million Series C round would be one of the largest at this stage raised by
any Indian tech startup, and comes at a time when risk investors are turning
cautious while laying new bets. All told, Grofers has now racked up more than $160
million.

3. Contd…
TOI first reported about SoftBank being in talks with Grofers for a new funding round on
October 7. Dhindsa, without commenting on the specifics of the deal, said, “We are happy
to welcome SoftBank on board as a partner as we try to build a marketplace for
consumable products. Grofers currently supports over 10,000 small merchants in selling
locally and we hope hat with the additional capital, we will be able to invest n building this
ecosystem further.“ For SoftBank, this would be its fifth investment n India over the past
year after Snapdeal, Ola, Housing and budget hotel aggrega ion platform Oyo Rooms The
Japanese telecom and internet giant typically picks up 20-30% stake in companies which
are in mid-to-late stages.
Grofers, one of the fastest growing and most well-funded early-stage startups, com petes
with the likes of Big Basket, Peppertap and now also the e-commerce majors which have
stepped into the express delivery segment While Amazon piloted Kirana Now in some parts
of Bangalore earlier this year Flipkart launched its `Near by' app again in Bangalore and
Snapdeal picked up stake n Peppertap, indicating the potential these e-commerce players
see in this space. Founded by Dhindsa and Saurabh Kumar in 2013, Grofers started as a
business-to-busi ness delivery service but it pi voted and became a constumer-facing play a
year ago, after which all the funding stared pouring in for the startup.

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