Gurgaon-based on-demand logistics startup for local brick and mortar businesses, Grofers, has secured a funding of $35 million in series B round led by existing investor New York-based Tiger Global Management with participation from early backer Sequoia Capital India.
This will be the third capital raise in last six months. In February, the firm has secured $10 million in Series A round led by Sequoia Capital and Tiger Global. In December 2014, the company had secured seed funding from Sequoia Capital.
As per an ET report, the company will use the new funding for stepping up its marketing and expansion of its services. The latest funding round will value the company at $115 million, according to sources familiar with the matter.
Grofers Co-Founder Albinder Dhindsa confirmed the news and said that, “We continue to grow at a rapid pace and are raising the funds to fuel our expansion across categories and geographies.”
Customers can use Grofers’ mobile app or website to purchase grocery, cakes and other items delivered within 90 minutes from local stores and merchants. The company also plans to add other products like electrical appliances soon. It has presence in Delhi, Mumbai and last week expanded to Bengaluru and hopes to expand into other cities soon including Hyderabad, Chennai and Calcutta.
Few days back, the company has acquired a mobile-only grocery startup Mygreenbox.
Other players in similar space include Gurgaon’s PepperTap, Mumbai-based Scootsy, Bengaluru’s Swiggy and Delyver have recently raised funding or are raising more funding.