India-based online grocer Grofers has secured more than $200m in series F funding from investors led by telecommunications conglomerate SoftBank’s Vision Fund, Bloomberg reported today.
Financial services firm KBT also contributed to the round, as did investment firm Tiger Global Management and venture capital firm Sequoia Capital.
The company reached an initial $60m close of the round in March 2019, when its target size was reportedly between $120m to $150m. Grofers is now valued at almost $1bn, up from the $425m valuation at which it last raised money.
Grofers operates an e-commerce platform that sells more than 5,000 products across categories such as groceries, household goods, personal care and furniture. It focuses on offering low prices and claims to undercut traditional supermarkets on pricing.
The company currently delivers goods in 13 cities across India and has achieved profitability in Delhi. It will use the latest funding to scale its business and expand into additional markets.
The round brought Grofers’ total funding to approximately $426m. SoftBank previously led a $61.4m round for the company in March 2018 that also featured Tiger Global and Yuri Milner, having also led a $120m series C round in 2015, investing with Tiger Global, Sequoia Capital and Apoletto Managers.
