Zomato’s $100 million investment to turn Grofers into unicorn: Report

Food delivery app Zomato, which is working to explore public markets later this year, has reached an agreement to invest $100 million in online grocer Grofers for about a 10 per cent stake.

According to TechCrunch, the proposed investment values the seven-year-old startup Grofers, which counts SoftBank as its largest investor, at over $1 billion.

Zomato’s proposed investment is part of a broader round, in which others including Tiger Global and SoftBank Vision Fund 2 are expected to chip in some capital. Zomato said it had no comment to make, citing sources, the report said.

The leadership teams at Grofers and Zomato have long been close friends and began exploring this investment earlier this year.