Grocery delivery startup Grofers will soon get the fresh funding from the Japanse SoftBank vision fund $110-150 million. The final decision is how much to fund is not decided yet, some other small financial companies also planning to invest in the Indian startup. In this round of funding, German retail group metro Ag, albeit will participate with the small amount of investment.
Grofers is the Gurugram-based online grocery delivery startup founded by Albinder Dhindsa, Saurabh Kumar in the year 2013. The startup investors are including SoftBank, Tiger Global and Sequoia Capital. Currently, the Softbank has a 36% share in the company as well Tiger global has a 24% share in the Grofers.
This is not the first time Japanse bank SoftBank investing in the company, in the year 2015 it invested $120 Million in the funding round, with this investment it may go to 40% or more than that. The company is operating in more than 13 cities all over the country. Among all the investors the SoftBank will be the majority shareholder while next will be Tiger global.
The major reason behind the investment is Grofers competitor Bigbasket is going to back by the Alibaba group but, the merger is not happening as expected. As of now, the company raised $242.5 million from all the investors.