Grofers, the India-based online grocery retailer that counts internet and telecommunications group SoftBank as its largest corporate investor, has raised $16.7m from venture capital firm KTB Ventures, Entrackr has reported.
KTB Ventures bought nearly 250,000 series G preference shares in the round, according to Entrackr, which cited a regulatory filing.
Grofers’ platform allows users to order groceries and other household items for delivery across India. It secured $120m from restaurant review and food delivery service Zomato and Tiger Global Management at a $1bn valuation in June this year to take its total funding to $640m.
Tiger Global had reportedly been in talks in April 2020 to acquire Grofers at a valuation of roughly $750m. The company had previously secured $20m from media group Bennet Coleman & Co in November 2019.
SoftBank’s Vision Fund had led a $60m round for Grofers in March 2019, providing $37.5m while Tiger Global chipped in $20m and Sequoia Capital $2m.
SoftBank had already led a $61.4m round for the company a year earlier, investing with Tiger Global and Yuri Milner, in addition to a $120m series C round in 2015 that included Tiger Global, Sequoia Capital and Apoletto Managers – the last a fund managed by partners of DST Global.
