Grofers in talks to raise up to $65 million from softbank Tiger Global

Startups
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Online grocery start-up Grofers is in talks to raise $60-65 million from existing investors in a funding round that could see the valuation of the Gurugram-based start-up drop by over 40%.

Japan’s Softbank Group, an existing investor, along with Tiger Global Management are likely to be investing this amount. During the last round of fund-raising, in 2015, the company, Grofers India, had got $120 million and its valuation was pegged at $400 million.

Grofers, run by Grofers India Pvt. Ltd, last raised $120 million at a valuation of about $400 million in November 2015.

Grofers was founded by Albinder Dhindsa and Saurabh Kumar in 2013 and currently services 26 cities and delivers 15,000 orders daily. It has an average basket size of Rs1,200-Rs 1,350. The company last year transitioned to an inventory-led model from a hyperlocal delivery start-up.

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