Grofers, a Gurgaon-based hyperlocal delivery startup has confirmed fresh funds of $120 million from Japan’s Softbank Corp. Existing investors Sequoia, Tiger Global, Apoletto Managers, a personal fund managed by DST Global’s partners along with Russian VC Yuri Milner, also participated in the round.
This is the third round of funding in the same year for Grofers. The funding has been confirmed just few months after Softbank announced that the firm will wind down its VC arm.
In February 2015, the startup raised $10 million from Sequoia Capital & Tiger Global, followed by another $35 million in April this year. The total funding racked up by Grofers is now close to $165 million, with the latest round being the largest bagged by the Indian tech startup at this stage. Series C round has led to ten-fold rise in Grofers valuation from $33 million post Series A round in February to over $300 million at present.
Grofers currently operates in 25 cities and aims to further expand. The raised capital shall be used to stretch its product base on Grofers’ Android and mobile apps.
Founded by Saurabh Kumar and Dhindsa in 2013, Gorfers’ potential competitors include Snapdeal-backed Peppertap, BigBasket among others.