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The Gurgaon-based startup had raised US$45 million in two rounds earlier this year
After already raising around US$45 million this year, Indian hyperlocal delivery startup Grofers has raised another $120 million to satisfy its appetite.
The latest funding round, led by Japan’s SoftBank Corp, also saw participation from exisiting investors Tiger Global, Sequoia Capital and Apoletto Managers, a personal fund managed by DST Global‘s partners, reports The Times of India.
“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 that, with the additional capital, we will be able to invest in building this ecosystem further,” Albinder Dhindsa, founder & CEO, Grofers said.
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Quoting sources, the report said the company was valued at a steep US$300 million in the latest funding round, from US$33 million, during a Series A fund raising round in February.
In a recent interview with e27, Dhindsa had said that the company was in talks to raise more funds, but declined to give details.
Grofers, started in December 2013 by Dhindsa and Saurabh Kumar, is an on-demand delivery service connecting consumers with their local merchants. It partners with local merchants such as chemists, bakeries, grocery shops, organic food retailers and laundry services.
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In April, the Gurgaon-based firm secured US$35 million in its Series B round of investment, and prior to that had gotten US$10 million in February. Both rounds were funded by Tiger Global and Sequoia Capital.
The latest funding comes as a breath of fresh air for the hyperlocal and delivery sector, which has been in an atmosphere of caution recently. Grofers competes with companies like Big Basket and PepperTap.
Image Credit: Grofer’s
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