To counter BigBasket, Grofers raises Rs 96 Cr from parent company

Grofers

Gurugram-based online grocer, Grofers India, has raised Rs 96 crore from its Singapore-based parent company Grofers International, according to the company’s RoC filing. The company allotted 269 shares at Rs 1,184,376.62 apiece and 542 shares at Rs 1,183,024.056 apiece in September, reported Financial Express.

Importantly, Grofers is a foreign-based entity as it had moved headquarter to Singapore in October 2015. In India, it currently operates in cities like Delhi, Gurugram, Mumbai, Bangalore, Kolkata, Noida, Pune, Ahmedabad, Chennai, Hyderabad, Jaipur, Lucknow and Surat including others.

So far, the company had raised $165 million from Tiger Global Management and SoftBank, among and others. During its last fundraising of $120 million in October 2015, Grofers was valued at $350-400 million.

Also Read: While Alibaba, Paytm extend investment interest in Bigbasket, Amazon eyes Grofers

Albinder Dhindsa-led e-grocer entity had received DIPP (Department of Industrial Policy and Promotion) approval for food retail in India. Following the nod from the government, the company intends to invest $40 million in its food retail unit. It was the first who applied for the license since the approval of FDI in retail by the Indian government in June 2016, followed by Amazon and Bigbasket.

The firm had recently partnered with Sodexo, the leader in employee motivation & benefits services, to launch an IVR-based payment solution that will enable users of Sodexo Meal cards to pay for groceries and other food items on delivery, at their doorstep.

E-commerce major, Amazon started online grocery platform Amazon Now last year and currently operates in three cities – Bengaluru, Hyderabad, and Gurgaon. Meanwhile, Flipkart and Paytm are slated to get into e-grocery soon.

The investors in the country are betting that the sector will turn into a multi-billion dollar category over the next few years. E-grocery sales are forecast to reach $1 billion in 2017, according to market research firm RedSeer Consulting Pvt. Ltd.

Grofers: Website

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