India: SoftBank-backed online grocer Grofers to launch IPO next year

Visual from www.groupon.co.in

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.