Tag: Grofers

Indian online grocer Grofers raises US$20m in funding from Times Group

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INDIA – SoftBank-backed Grofers, an Indian online grocer has raised US$20 million by issuing equity share and a warrant to Bennett Coleman Private Limited (BCCL), also known as Times Group. Times Group has picked up one equity share worth INR1.31 million and a warrant, defined by Grofers as a debenture, worth INR1.43 billion (US$20.12 million). A debenture is a medium- to long-term debt instrument used by large companies to borrow money, at a fixed rate of interest. Preliminary data shows that, Grofers (which turned unicorn following its US$200-million SoftBank-backed Series…

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Grofers partners with local businesses for last mile delivery

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ASIA – The Indian online grocery delivery service, Grofers is partnering with local entrepreneurs to help with last mile delivery with an aim to roll out over 2,000 local businesses and store owners under the programme by the end of the year. According to ET Retail, this will be followed by expansion of the services to all its 13 operational markets and is expected to deliver half of its overall order volumes. Grofers has already signed up over 600 delivery partners in Delhi-NCR, Mumbai, Bangalore and Kolkata under its ‘Grofers…

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Online grocery firm Grofers expects US$356m in revenue in 2019 on new additions

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ASIA – Indian grocery delivery service Grofers said it expects over US$356.93 million in revenues for the year 2019 based on strong addition of new customers along with increasing cart sizes of existing users, ET Retail has reported. The firm said it currently has a monthly revenue run rate of about US$21.32mn that is, about US$257m for the year, adding that the frequency of shopping for SBC members was 2.5 times that of non-members, while their carts were 30% larger. Smart Bachat Club (SBC), a membership subscription-based service was launched in…

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Online grocery service Grofers to enter FMCG segment targeting US$364m in sales

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INDIA – The Indian online grocery delivery service, Grofers has entered the fast moving consumer goods segment (FMCG) with a target to achieve more than US$364.7 million in revenue in the financial year 2019. The grocery firm targeting stronger business growth with 50% coming from its private brands after it recorded US$138.6 million sales in the marketing year 2018. To achieve the profitable agenda, the company has launched seven new brands under the two categories that is, Budget and Popular G-Brands. In addition to rolling out over 500 SKUs (stock…

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