GROFERS CONTINUES TO ADD FUNDS TO ITS CART, BAGS RS 321 CR FROM THE PARENT COMPANY
Grofershas bagged Rs 142.6 crore from Bennett and Coleman Private Limited and aninfusion of Rs 321 crore from its parent company in Singapore, GrofersInternational Pvt. Ltd. Grofers had added this fund as part of its Series Ffunding drive.
Groferswas founded in the year 2013 by two IIT alumni, Albinder Dhindsa and SaurabhKumar. Over the year, the firm has expanded its own range of brands in the lastyear and has more than 800 products spread across categories like pantrystaples and kitchen ingredients, FMCG, personal hygiene covering soaps, showergels, and facewash, household needs including cleaning products, and furnishingitems.
Grofersalso owns two major brands- Grofers Happy Day and Grofers Happy Home. About 90percent of Grofers' users are purchasing products from these brands.
Today,the company has a network of 6,000 partner stores on its platform and make thedelivery of over 25 million products in a month. As per the data, the companyhas generated $400 annual revenue in the last fiscal year.
Grofersis progressing rapidly and adding new investments in recent years. In May thisyear, it secured about $200 million in Series F funding led by SoftBank VisionFund. Apart from its existing investors, Tiger Global Management and SequoiaCapital, this round also saw the participation from a new investor, SouthKorean Investment firm KTB. In July also, it raised $10 million from CapitalInvestment LLC, an Abu Dhabi-based entity.
InSeptember, Grofers had given a statement to PTI that the company is flourishingwell with strong growth in both its online and offline businesses. And, it is focussingto grow with a target to cross the $1 billion revenue mark by the end of 2019.Further, the company shared that it was working with brick-and-mortar stores inDelhi-NCR to shift them into its own branded outlets and that it was looking toadd 700 such Kirana stores to its network.
Today,Grofers is one of the major competitors of BigBasket and Amazon Fresh and is onthe way to hit the capital market with an initial public offer in the comingfuture.