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Miguel Cordon · · 1 min readSources: Zomato considers $100m injection into Indian e-grocery firm Grofers
“Food delivery app Zomato is in talks to invest around US$100 million in e-grocer Grofers after discussions of a possible merger between the two fell through last year at the onset of the Covid-19 pandemic,” The Economic Times reported, citing sources briefed on the matter.
Details:
- The investment would likely be part of a larger round and may peg Grofers’ valuation at around US$1 billion, the sources shared.
- The online grocery firm is also expected to shelf its plans to go public in the US through a special purpose acquisition company (SPAC) deal and remain private instead, a separate source said.
Context:
- SoftBank, Grofers’ largest shareholder as of February this year with an over 50% stake, has previously been vocal about the company’s potential IPO.
- In FY2020, Grofers’ revenue from operations grew by 78.5% to reach US$310.9 million from US$174.2 million the year prior, according to the company’s filings with the Accounting and Corporate Regulatory Authority.
Editing by Collin Furtado and September Grace Mahino
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