Online grocery retailer Grofers notified that it has secured over 200 million (over Rs 1,400 crore) in a funding round led by SoftBank Vision Fund.
Existing investors, Tiger Global Management and Sequoia Capital were also part of the funding round.
“With the additional funding, Grofers will seek to expand into new markets, bringing its services closer to hundreds of millions of Indian consumers,” as per the company.
The valuation of Grofers was around $ 600 million prior to the funding. The startup says that they will use the funding for building supply chain, infrastructure and warehouses. It competes with companies like BigBasket anGrofers – which competes with the likes of BigBasket as well as grocery verticals Flipkart and Amazon.
“We are building Grofers for the millions of Indians who cannot buy groceries at low prices due to multiple middlemen and the absence of large aggregators. This latest investment will help scale the company to ensure many more customers can access the best quality products at the best prices,” Grofers co-founder and CEO Albinder Dhindsa said.