Softbank Releases $70 Mn Of Series F Funding To Grofers

Softbank Releases $70 Mn Of Series F Funding To Grofers

SUMMARY

Grofer received a tranche in August from SoftBank Vision Fund’s commitment of $200 Mn

Other investors in the company include KTB Ventures, Sequoia Capital and Tiger Global

The grocery startup has monetised close to 3.8 Mn shares for $ 52K per share

Grofers has received another $70 Mn tranche of its Series F funding from SoftBank. The tranche is a part of the grocery delivery app’s $200 Mn funding round raised mainly from the SoftBank Vision Fund (SVF). 

Earlier in March, SVF Growth had transferred its first tranche funding $37.49 Mn to Grofers.

The funding was announced earlier this year. Other investors include KTB Ventures, Sequoia Capital and Tiger Global. Sequoia Capital has transferred the funds of close to $2 Mn for 38K shares, whereas Tiger Global has purchased 390 K shares for $20 Mn.

Last month, the company also received an additional $10 Mn from an Abu Dhabi-based Capital Investment raising its valuation to $497 Mn. The company has monetised close to 3.8 Mn shares for $52 K per share. Thanks to these investments, the company is now valued at $ 567.34 Mn.

Grofers’ India subsidiary has also received $38.5 Mn (INR 275.44 Cr) from the parent entity Grofers International in July.

Grofers said it will utilise these investments to compete against fellow grocery delivery rival BigBasket and the funding would also hold it in good stead against competition from the likes of Flipkart, Amazon and Reliance Fresh. 

Flipkart launched the Supermart grocery delivery service in Mumbai, to add to the operations in Bengaluru, Delhi/NCR, Chennai and Hyderabad. Last year, it was reported that the ecommerce company is looking to invest $264 Mn in its grocery vertical over the next three years.

BigBasket is the biggest competitor to Grofers in the Indian market. In May, the Bengaluru-based startup raised funding of close to $150 Mn in a financing round led by Alibaba. Other investors in the company are South Korea’s Mirae Asset – Naver Asia Growth Fund and UK’s CDC Group. In late July, Trifecta Capital provided INR 100 Cr of venture debt funding to BigBasket in what it called “the largest venture debt transaction in the country”. The company claimed it would use the funds to meet working capital and capex requirements and for setting up new warehouses, strengthening the cold supply chain, facilities for reprocessing of fruits and vegetables. BigBasket is also looking to scale up the supply chain for its recently-launched BB Daily milk subscription business and the BB Instant vending machine business.

 

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Softbank Releases $70 Mn Of Series F Funding To Grofers-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Softbank Releases $70 Mn Of Series F Funding To Grofers-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Softbank Releases $70 Mn Of Series F Funding To Grofers-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Softbank Releases $70 Mn Of Series F Funding To Grofers-Inc42 Media
Softbank Releases $70 Mn Of Series F Funding To Grofers-Inc42 Media
You’re in Good company