Gurgaon-based online grocer Grofers has raised USD 60 million in fresh funding round from Softbank Vision Fund (SVF), according to a report in ET.
The report said SVF will further invest USD 40 million in Grofers in the next tranche. According to regulatory filings made in Singapore, shareholders agreement was renegotiated capping SoftBank’s maximum stake in the company to 49%, which currently stands at around 42%.
According to the Paper.vc, a business intelligence firm, Grofers’ post money valuation increased to USD 425 million after the latest fund infusion.
Last year in March, Grofers raised USD 62 million led by SoftBank with participation from existing investors such as US-based Tiger Global and Apoletto Managers.
The company went through a rough patch during 2017-18, but made a comeback as it removed stagnant categories such as milk and grocery while diving into private label brands to increase earnings. As a result, its losses for the year ending March 2018 reduced to Rs 258 crore compared to the previous year’s loss at Rs 268 crore. With Rs 53 crore in earnings, it also registered 58% growth in revenue in March 2018, compared to the previous year.