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On-demand delivery service Grofers raises $10 mn from Sequoia Capital & Tiger Global

On-demand
delivery service startup Grofers has raised $10 million in venture capital funding
led by investment firm Tiger Global Management with participation from existing
backer Sequoia Capital India. The deal values the startup at $33 million.

On-demand
delivery service startup Grofers has raised $10 million in venture capital funding
led by investment firm Tiger Global Management with participation from existing
backer Sequoia Capital India. The deal values the startup at $33 million.

According to a TechCrunch
report, this brings its total raised so far to $10.5 million. The company wants
to help local shops by not only providing them with a mobile platform for their
inventory, but also facilitating on-demand delivery within 90 minutes. 

Co-founder
Albinder Dhindsa told TechCrunch that the capital will allow the service, which
is currently available in Delhi and Mumbai, to expand into more cities, with
Bangalore first on the list. After Bangalore, it hopes to expand into other
major cities soon, including Hyderabad, Chennai, and Calcutta.Grofers will also
improve its technology to make it easier for merchants to upload and manage
orders, track inventory, and upload new products by themselves.

The company
currently focuses on grocery stores, bakeries, and fresh produce, and plans to
add other products, like electrical appliances, soon. Grofers’ main value
proposition is its promise of on-demand deliveries, which are carried out by
200 staffers and the company will hire more people as it expands.

The
Gurgaon-based company, which was founded in December 2013, currently works with
250 vendors and has a total of 500,000 SKUs (or individual items) available for
order. Grofers claims to process 30,000 deliveries a month, with a fifth of
those orders placed through its mobile apps.

Since many of
the small merchants Grofers works with have never sold online before, the
company sends a team to take photos of products and upload them to its platform,
reports TechCrunch. The process takes about three or four days, depending on
large the store is.

In December last
year, Grofers secured an undisclosed amount of seed funding from Sequoia
Capital and Zomato founder Deepinder Goyal. The funds were used to scale-up
Grofers’ technology platform.

Grofer was
founded in January 2014 by Saurabh Kumar and Albinder Dhindsa. Before they
started Grofers, Kumar was heading operations at Rasilant Technologies &
Dhindsa was heading international operations at Zomato.

Image Source: VCCircle

 

 

 

 

 

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