Grofers raises $35 million round, takes company valuation to over $100 million
Mobile commerce startup company Grofers is raising a $35 million from existing investors to help fund further expansion. Lead investors include Tiger Global Management and Sequoia Capital, which both committed to the $10 million funding round that Grofers completed last month. Grofers will use the new funds to expand the selection of products that consumers can purchase from the Grofers Android and iOS mobile apps. With this new round, the valuation is being pegged at around $110 million.
This funding comes in close on the heels of Grofers acquiring MyGreenBox, a smartphone based grocery delivery platform. The details of this deal were not disclosed. Talking about the new fundraise Albinder Dhindsa, co-founder and CEO of Grofers said, “We have been busy expanding our business geographically and are experiencing really high growth. The additional infusion of funds will allow us to penetrate deeper into Groceries and add new consumables categories as well. We will continue to invest in expansion to new cities with this round of funding.”
Grofers has partnered with more than 400 merchants in Bengaluru, Delhi NCR and Mumbai so far. The number of orders through the applications have tripled over the last month and the company expecting to do more than 20,000 orders in April. The ondemand
service now provides customers the ability to buy products ranging from grocery to pet supplies and baby care products and receive them within 90 minutes. Grofers recently started operations in Bengaluru and will be available to users in Hyderabad and Pune by middle of May. Grofers is currently clocking over 1.8 crore in GMV.
Abheek Anand, Principal at Sequoia said, “We are happy to support Grofers as they build the next generation mobile e-commerce platform. By introducing new categories and cities, Grofers will continue to lead the market and allow the Indian consumer to access an unprecedented level of selection and convenience in their online shopping experience.”
The company was started by Saurabh Kumar and Albinder Dhindsa late in 2013 and has seen a meteoric rise since. The company caught on momentum in 2014 and has carried it onto the new year. Here is a timeline of how they've progressed till now:
Website: Grofers