Delhi: Big news for the Indian startup ecosystem – Delhi-NCR-based Grofers raised $9.99 million from Capital Investment LLC – an investment arm of Abu Dhabi Capital Group (ADCG). This is yet another deal strengthening India & Middle East trade partnership.
The following fundraising was a part of Grofers ongoing Series F funding round into which Softbank Vision Fund invested $200 million in May. According to paper.vc., the deal was closed last week and ADCG has acquired 191,688 shares in lieu of the investment. The funding will be used to expand into new markets, warehousing infrastructure and private label offerings.
Founded in 2013 by IIT graduates, Albinder Dhindsa and Saurabh Kumar – with an aim to ease up grocery purchase for the consumers through its seamless mobile app that exhibits a varied range of grocery and consumer products accompanied with discount offers and cashback. The company currently operates in 13 Indian cities – Ahmedabad, Bengaluru, Chennai, Delhi, Gurugram, Hyderabad, Jaipur, Kanpur, Kolkata, Lucknow, Noida, Mumbai, and Pune.