What is Grofers?
- Grofers is an online delivery service which connects consumers with local grocery stores.
- It was founded on 27 December 2013 by two IITians- Albinder Dhindsa and Saurabh Kumar.
- The company had started as a B2B startup but started offering services to customers in November 2014 becoming a hyperlocal B2C delivery service.
- The startup was valued at $115 million in April 2015.
Grofers was seed-funded by Zomato's founder Deepinder Goyal and Sequoia Capital in September 2014 with $0.5 Million.
Grofers buys delivery company My Green Box
- Grofers had bought My Green Box, an app based grocery delivery company.
- Grofers co-founder Saurabh Kumar said that they were building depth in their grocery vertical through this acquisition.
- He said that grocery vertical was 60% of their overall business and the fastest growing segment.
- He claimed that they were processing 700 customer orders a day in Delhi NCR and Mumbai.
Grofers operates from Singapore
On 3 October 2015, Grofers shifted its headquarters to Singapore owing to the low corporate tax of 17%. India's Corporate tax is 30%, which is almost double.
Grocers may raise ₹650 crore from Softbank
- Grofers was in talks with investors including Japan's Softbank about a funding of ₹650 crore.
- A venture capital investor said that the deal was in the middle of investigation of the business, prior to funding.
- Grofers had raised $36 million in April this year from venture capital firm Sequoia Capital India, New York-based investment firm Tiger Global Management and Apoletto Asia.
Grofers to buy food ordering app Spoonjoy
- Grofers was planning to sign an acquihire deal with Spoonjoy, a food-ordering app.
- Spoonjoy was founded in July 2014 by Mahesh Jethani. It was struggling to raise money from new or existing investors.
- Grofers CEO Dhindsa said they were in talks and would complete transactions in few weeks.
- Almost 40 people from Spoonjoy were expected to join Grofers in the tech and operations departments.
Grofers acquires startups Townrush, SpoonJoy
- Hyperlocal delivery start-up Grofers has bought business-to-business logistics service-provider Townrush.
- The acquisition was basically a acquihire, where no significant cash or equity was exchanged but the expertise of Townrush staff.
- Grofers' CEO Albinder Dhindsa said that all they were looking for was the talent of Townrush employees.
- It also anounced that it has acqui-hired Bangalore-based food-delivery app SpoonJoy and would onboard the entire team.
Grofers goes through 'name' trouble
Groffr- a group-buying startup, has dragged Grofers India Pvt Ltd, the online grocery retailer to the court for “passing off” and using a similar sounding name to confuse consumers.
Grofers gets $120 million from SoftBank Corp.
- Grofers raised $120 million in a new funding round led by Japan's SoftBank Corp.
- Its existing investors Tiger Global, Sequoia Capital and Apoletto Managers were also a part of the third round of funding.
- Sources privy to the deal claim that with the current funding, Grofers has reached $300 million valuation from their valuation of $33 million in February, which is a tenfold jump.