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Collin Furtado · · 1 min readSources: Zomato, Tiger Global to pour $120m into SoftBank-backed Grofers
“E-grocer Grofers has signed a deal with Zomato and Tiger Global to raise US$120 million in a major consolidation move in the sector,” reported Economic Times, citing people aware of the matter.
Details:
- IPO-bound Zomato will be investing US$100 million in the online grocery startup, with existing investor Tiger Global putting in the rest of the amount.
- The fresh funding will value Grofers at a little over US$1 billion, making it the next Indian startup to achieve unicorn status.
See also: Sizing up Zomato, India’s food delivery app
Context:
- While Tiger Global is an investor in both Zomato and Grofers, SoftBank’s Vision Fund owns a 50% stake in the latter. Sequoia Capital has also invested in the online grocery firm.
- Earlier this month, Grofers co-founder Saurabh Kumar said that he will take a step back from the day-to-day operations of the company.
Editing by September Grace Mahino
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