SoftBank-backed e-grocery startup Grofers is looking to make a debut on the stock market by the end of next year, advancing its listing plans in the wake of increased sales amidst the COVID-19 pandemic.
Earlier, the startup was slated to launch its IPO in 2022, per a report by PTI.
The company, headquartered in Gurugram, has reportedly started making operational profit starting this year and going forward, it expects to become cash positive by the end of 2020, the report added, quoting its co-founder and CEO Albinder Dhindsa.
“Our path to profitability has accelerated during the lockdown… we are on track to become EBITDA and cash positive by the end of this year,” Dhindsa reportedly told the news agency.
Grofers, an online grocery delivery service founded in December 2013, operates in a $600-billion market with many competitors, including Walmart-controlled Flipkart and American e-commerce giant Amazon.
The startup claims to offer over 800 products in various categories. It recently forayed into the milk business with the launch of its milk brand, G-Fresh Milk.
SoftBank Vision Fund invested $70 million in Grofers last August as part of a $200-million Series F round. Its other backers include Tiger Global and Sequoia Capital.
According to the report by PTI, Grofers is said to have clocked revenue of around Rs 2,500 crore during the previous financial year with its valuation standing at around Rs 6,000 crore.
The company claims to have shipped as many as 4.4 crore items last month. In the month of May, it reportedly served 42 lakh households.
The e-grocery market has witnessed increased traction in the wake of COVID-19 pandemic that has prompted people to stay indoors and order basic items online.
To cater to this rising demand, Grofers has reportedly has recruited over 3,000 people for its supply chain operations.