India-based online grocer Grofers has secured $120m from investors including restaurant review and food delivery app Zomato at a valuation exceeding $1bn, MoneyControl reported yesterday, citing people familiar with the matter.
Hedge fund manager Tiger Global Management filled out the round, having invested a “small amount”, according to the sources. Zomato was reportedly in talks to buy Grofers through an all-share merger in April 2020 that has yet to materialise.
Grofers operates an online marketplace that lists fresh produce and household items that can be delivered to the customers’ homes across its home country. It had previously raised roughly $520m in total, having completed a $20m round featuring media group Bennett Coleman & Co in November 2019.
Abu Dhabi Capital Group had provided $10m in series F funding four months earlier, after $200m from internet and telecommunications firm SoftBank’s Vision Fund, financial services firm KBT, Tiger Global and Sequoia Capital in May 2020, valuing the company at almost $1bn.
SoftBank Vision Fund had led a $60m series E round in early 2019 that reportedly valued Grofers at $425m, investing alongside Tiger Global and Sequoia Capital.
Grofers received $61.4m at a $300m valuation in a 2018 series D round led by $40m from Vision Fund and backed by Tiger Global and Yuri Milner. SoftBank had also led its $120m series C round, in 2015, which included Apoletto Managers and returning investors Sequoia and Tiger Global.
