With $24.2 mn funding, Grofers adds further momentum to the grocery sector

Grofers, the online grocery delivery startup, has received an investment of around $14.2 million from its Singapore-based entity, Grofers International. The Gurugram-based company has also raised an additional $10 million in its ongoing Series F round from an Abu Dhabi-based entity, Capital Investment LLC. 

Indian online grocery market is set to reach $40 million by FY19, growing at a CAGR of 62% from 2016 to 2022. With this potential in the market, the investment in Grofers adds further momentum to the grocery sector.

Saurabh Kumar, Co-Founder of Grofers, said, “This funding is part of the series F round we recently closed, which was also the largest primary financing round in the online grocery sector in India. Grofers business has grown a staggering 800% over the last two years and we are confident to build on the growth momentum.”

In May 2019, Grofers had raised a $200 million in Series F funding led by SoftBank Vision Fund. This round has also seen participation from Tiger Global, Sequoia Capital and KTB.

The startup had said that the fresh capital will help it to expand into new markets, build out its supply chain, warehousing infrastructure and private label product offerings, ensuring a steadily increasing range of products for customers.