The online grocery startup Grofers has secured funding worth $200 million. The funding round was led by SoftBank’s Vision Fund. This round is the largest in India’s online grocery store sector to date. c
Gurugram-based online grocery startup Grofers pulled a capital worth $200 million. The funding round was led by the investing giant SoftBank’s Vision Fund. The current evaluation has made the round to be the largest in India’s online grocery store sector to date.
Albinder Dhindsa, co-founder and CEO of Grofers, said that startup will use the present capital to expand its base. The aim remains at getting new markets and bring the service to millions.
Grofers’ opposition in the market
BigBasket stands as the instant rival for the company in the local market. Although, when the race comes to the international market, Amazon Pantry and Walmart’s Flipkart are the major hurdles in the run.
Food/Grocery market in India is growing fast. The market is estimated to reach $869B in sales by 2023.
Recently, SoftBank has made its major bets on the nation’s growing internet economy. This comes after its evaluation stood at $2.7B, because of its bets on Flipkart and OYO.
Read More: SoftBank’s gamble pays off at $2.7B FY19
The Asian investing giant has made its bet on the Indian startup ecosystem for a while now. Its total investments in India are worth $10 billion. SoftBank’s Vision Fund has sown its seed in Indian tech giants, which have made the company’s Indian foothold stronger.
With reports suggesting the firm will open a dedicated office in India, it’s for sure that there’s more to come from the company.