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Grofers raises $120 million in fresh funding round

  • Gurgaon-based
    hyperlocal delivery start-up Grofers has raised $120 million in fresh funds
    largely from Japan’s
    SoftBank Corp, the
    Mint reported.
  •  
  • Russian entrepreneur
    and venture capitalist Yuri Milner and existing investors Tiger Global and

    • Gurgaon-based
      hyperlocal delivery start-up Grofers has raised $120 million in fresh funds
      largely from Japan’s
      SoftBank Corp, the
      Mint reported.
    •  
    • Russian entrepreneur
      and venture capitalist Yuri Milner and existing investors Tiger Global and
      Sequoia Capital also participated in the round, according to co-founder and
      chief executive Albinder Dhindsa.
    •  
    • The new round of
      fund-raising comes within a year of Grofers raising $35 million from Tiger
      Global Management and Sequoia Capital in its third round of funding in April.
      In the second round in February, both Tiger and Sequoia invested $10 million in
      the company.
    •  
    • Softbank is expected
      to take 20-30% stake in the company, a source told the
      Mint.
    •  
    • Grofers currently
      delivers in 25 cities and claims to get about 30,000 orders in a day. The
      company lists all neighbourhood stores on its platform (from grocery shops to
      pharmacies), and employs a delivery crew of 4,000 people.
    •  
    • The Gurgaon-based
      company competes with Snapdeal-backed PepperTap, TinyOwl and Swiggy that
      connect customers with supermarkets and restaurants through apps and deliver
      products on demand, in a few hours or even quicker.

     

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