Grofers

Grofers India receives Rs 43 Cr from its parent entity

Grofers

Grocery retailing is a high burn game and the players in this space need to raise capital frequently. While Bigbasket last raised equity capital in July 2019, Grofers has been receiving periodic fund infusions from its parent entity.

After receiving Rs 321 crore from its parent Grofers International Pte Ltd in November last year, the Singapore-based entity has now infused Rs 43.07 crore in its Indian arm.

According to regulatory filings, Grofers has issued 330 equity shares at Rs 1305303 for a total consideration of Rs 43.07 crore to its holding entity. Importantly, Grofers’ Singapore entity had raised a $220 million Series F round from existing investors SoftBank Vision Group, Tiger Global and Sequoia.

During the last financing round, Grofers was valued at $644 million. 

Unlike Bigbasket, Grofers has been focusing on private labels in grocery and FMCG verticals. About 60% of its offerings in grocery, FMCG and house-hold items are its private labels.

In a bid to bring in more revenue, the company has started adding its in-house grocery products to local Kirana stores as well. As reported by Entrackr, it has been converting local neighbourhood stores into Grofers-branded stores and placing its products on their shelves across the NCR region and adjacent cities.

The Gurugram-based firm had recently forayed into the fashion space. At present, it’s offering footwear, clothing and accessories under the newly launched category. Entrackr had exclusively reported the development early this month.

In numbers, the firm’s Singapore filings showed revenue of Rs 1,282.3 crore in FY19. It also incurred a two-fold rise in expenses to Rs 1,993.5 crore in the last fiscal as compared to Rs 909.65 crore in FY18 and had a net loss of Rs 702 crore in FY19.

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Grofers

Grofers India receives Rs 43 Cr from its parent entity

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Below is the bank details:

 
Amount: INR 3,00,000 + GST (TDS to be deducted 2%)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Bareback Media Private Limited
Account Number: 002105023595
IFSC Code: ICIC0000021
 
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