India: SoftBank, others close to investing $55-60m in Grofers

India: SoftBank, others close to investing $55-60m in Grofers

Grofers currently delivers in 25 cities and gets about 30,000 orders in a day. Photo: Ramesh Pathania/Mint

Japanese investment conglomerate SoftBank, along with other investors, is close to investing about $55-60 million in Grofers to help the latter build a war chest to fight the growing competition in the country’s e-grocery space.

According to a report in The Economic Times, SoftBank is expected to pump in about $30 million while existing investors Tiger Global and South Korean investment firm KTB Ventures are likely to contribute the rest. The Gurugram-based online grocer is also keen to get in a new investor to participate in the financing, the report added.

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