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Aya Lin · · 1 min readIn brief: SoftBank leads $200m round for India’s Grofers
- SoftBank Vision Fund led a US$200 million investment round for Indian online grocery startup Grofers, pushing the startup’s valuation to roughly US$1 billion, Bloomberg reports.
- Existing investors Tiger Global and Sequoia Capital, along with new investor KTB, also participated in the funding round.
- Grofers CEO and co-founder Albinder Dhindsa claims the startup had a “top line of US$400 million and grew eight times in the last two years,” expecting that the company will become “India’s largest online grocer this quarter.”
- The startup faces steep competition in the country, including Walmart’s Flipkart, Amazon, and Alibaba-backed BigBasket.
Editing by Charmaine de Lazo
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