Platform to Showcase Innovative Startups and Tech NewsPlatform to Showcase Innovative Startups and Tech News
    Facebook Twitter Instagram
    Platform to Showcase Innovative Startups and Tech NewsPlatform to Showcase Innovative Startups and Tech News
    Facebook Twitter YouTube
    • Featured Startups
    • Funding News
    • CEO Interviews
    • Startup Resources
    • Inspiring Stories
    • Submit Startup
      • Pitch VCs
    • More
      • Our Team
      • Advertise
      • Write for us
      • Privacy policy
      • Startup listing
      • Steal The Deal
      • Contact
    Platform to Showcase Innovative Startups and Tech NewsPlatform to Showcase Innovative Startups and Tech News
    Home»Funding News»Grofers seeking to raise $60 Mn amid Consolidation in Online Grocery Biz
    Funding News

    Grofers seeking to raise $60 Mn amid Consolidation in Online Grocery Biz

    Girish ShettiBy Girish ShettiNovember 13, 2020Updated:November 14, 20202 Mins Read
    Facebook Twitter LinkedIn Email
    Share
    Facebook Twitter LinkedIn Email

    Gurugram based online grocery startup Grofers is seeking to raise fresh funding of worth $60 Mn from its existing investors.

    Economic Times has reported that Grofers’ largest stake holder SoftBank, which owns more than 40% stake, is planning to invest $30 Mn.

    Logo of online grocery startup Grofers

    The remaining $30 Mn will be pumped by other existing investors including Tiger Global and KTB Ventures, ET report added.

    The company is also making efforts to bring in new investors but is reportedly facing quite a few hurdles on this front.

    Grofers’ fresh fundraising talks have come at a time when JioMart’s entry has caused flurry of consolidation activities across the online grocery industry. In fact, the Gurugram based startup is itself involved in merger talks with its arch rival BigBasket and online delivery major Zomato.

    However, it now seems that in all probability these talks have fell through and, at least, for time being Grofers will remain an independent entity.

    It may not be a coincidence either that Gurugram headquartered startup’s fundraising quest has come exactly at a time when Tata’s are in talks to pick up majority stake in BigBasket.

    If this deal goes through then it will offer Tata’s the passage to enter India’s burgeoning online e-commerce market.

    With Tata on one side and Mukesh Ambani’s JioMart on other side, a comparatively smaller player like Grofers will certainly need to build its funding chest to take on big boys. Not to mention that Flipkart and Amazon are also putting lot of competitive pressure on the grocery startup.

    India’s online grocery industry hogged lot of limelight during the nationwide lockdown. With India clamping down one of the strictest lockdowns in the world, people in great numbers took to online grocery startups like Grofers and BigBasket for ordering daily essentials.

    Both startups reported a huge spike in their GMV and sales during the lockdown period.

    Overall, despite many challenges sun seems to ne shining bright on India’s online grocery industry. Consulting firm RedSeer has predicted that the industry is likely to grow at 60% CAGR to reach the market size of nearly $10 Bn by 2023.

    featured Grocery Biz Grofers Online Grocery Startups
    Share. Facebook Twitter LinkedIn Email
    Girish Shetti

    Related Posts

    WhatsApp planning to launch ‘screen-sharing’ feature on Video Call

    May 29, 2023

    Twitter launches new $5000 API plan for Startups  

    May 26, 2023

    OpenAI may Exit Europe if Regulation Toughens, says CEO Sam Altman

    May 25, 2023

    Netflix kicks off its Password Sharing Feature in U.S & 100 other countries

    May 24, 2023

    Leave A Reply Cancel Reply

    Popular Post
    • Why is one Airpod louder than the other- reason and fixes Why Is One Airpod Louder Than The Other- Reason And Fixes
    • Is Real Estate Investment Trusts a Good Career Path Is Real Estate Investment Trusts a Good Career Path? [Complete Guide]
    • advertisement examples 16 Creative Product Advertisement Examples & Ad Campaigns You Must See
    • Places that hire at 15 Places that Hire at 15 Years – Top Choices for Teenagers
    • Pestel Analysis PESTEL Analysis – What it Means and its 6 Factors Explained
    Category Posts
    • how to send chat and message in reddit How to Send Chat and Message in Reddit
    • how to see who likes your playlist on spotify How to See Who Likes Your Playlist on Spotify
    • Why startups that cover the most boring parts of peoples lives are more likely to succeed Why Startups That Cover the Most Boring Parts of Peoples Lives are More Likely to Succeed
    • How the Growth of Some Industries During the Pandemic Showcases What the Consumer Values Most How the Growth of Some Industries During the Pandemic Showcases What the Consumer Values Most
    • WhatsApp planning to launch ‘screen-sharing’ feature on Video Call
    Our Partners
    Shopping online for Windows tablet - DHgate
    Platform to Showcase Innovative Startups and Tech News
    Facebook Twitter YouTube
    • Popular Posts
    • Advertise
    • Submit A Startup
    • Privacy policy
    • Disclaimer
    © 2023 Techpluto. Designed by Techpluto.

    Type above and press Enter to search. Press Esc to cancel.

    Catch the latest news from Startup World in your Inbox!
    [email protected]