After $220 mn from SoftBank and others, Grofers to raise another $50-70 mn

Grofers, the online grocery start-up, which had raised around $220 million from various investors including SoftBank, is set to get another $60-70 million within a month or two. A large chunk of the money will be used to create warehousing and capacity at the company’s partners manufacturing facilities. Grofers may also go public after three years.

Last month, Grofers announced $220 million fund infusion from various investors. Nearly 60 per cent came from SoftBank Vision Fund, and the rest from South Korean investment firm KTB Ventures and existing investors Tiger Global and Sequoia Capital. This was the biggest fund-raising exercise in India’s online grocery delivery industry.

Today, Grofers is valued at around $800 million and the money raised recently would support it for the next two years.