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Collin Furtado · · 1 min readSources: SoftBank-backed Grofers plans for US listing through SPAC route
“Grofers, an Indian online grocer, is weighing a plan to go public in the US through a merger with a special purpose acquisition company (SPAC),” reported Bloomberg, citing sources familiar with the matter.
Details:
- The company is already working on a plan with an advisor and is seeking a deal that would put its value at about US$1 billion, as per the sources.
- The plan is still at a very nascent stage, however, and deliberations are ongoing. Moreover, Grofers could decide not to proceed with it.
Context:
- In May 2019, SoftBank’s Vision Fund led a US$200 million round in Grofers, along with top investors such as Tiger Global, Sequoia Capital, and KTB.
- Recently, Southeast Asia’s largest online travel startup Traveloka was also reportedly exploring going public in the US via the SPAC route and has picked JPMorgan Chase to help with its plans.
Editing by September Grace Mahino
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