$60 million delivered by Softbank Vision to Grofers
Grofers, the grocery delivery startup, has raised around $60 million as a fresh capital from Softbank Vision Bank, which is the first tranche of a large $120-140 million funding round that the company is stitching together. According to the report, the Softbank has moved the Grofers to its $100 billion- vision fund.
This Japanese group had earlier taken out the egrocer from its balance sheet. This investment came at that time when the competition in the online grocery delivery space is at its peak. The BigBasket which is one of the biggest rivals of the Grofers is also in discussions to close a new $150 million.
The Grofers post-money valuation has been pushed up to around $425 million. After the investment from SVF in Grofers, it was preceded by a $1.8 million infusion from Sequoia Capital, and $19 million, which came from the two existing investors which are Tiger Global and Series-F round. According to the report, the Softbank Vision Bank (SVF) may further invest $40 million in the Grofers. The SVF has a 49% stake in this company and holds around 42% stake in the grocery stake.
After the highs and lows, Grofers mounted a comeback with a focus on high margin private brand for the groceries. And this company was able to grow its revenue by 58% to 53 crores in the same period.