India-based last-mile delivery service provider Grofers has raised $120m in a series C round led by telecommunications and internet group SoftBank, Times of India reported today.
The round, the third to be closed by Grofers in 2015, also included hedge fund Tiger Global Management, venture capital firm Sequoia Capital and Apoletto Managers, a fund managed by partners of VC firm DST Global.
Grofers provides an app that customers can use to order products from local stores, which the company then delivers to their doorstep. It has expanded to 26 cities since being founded in late 2013.
The funding, secured at a valuation of more than $300m according to TOI, follows a $10m series A round backed by Sequoia and Tiger Global at a $33m valuation in February this year, and $35m from the same investors two months later. Sequoia had previously supplied Grofers with $500,000 of seed capital.
Albinder Dhindsa, chief executive of Grofers, said: “We are happy to welcome SoftBank on board as a partner as we try to build a marketplace for consumable products.
“Grofers currently supports over 10,000 small merchants in selling locally and we hope that with the additional capital, we will be able to invest in building this ecosystem further.”