Looking to bridge the gap with dominant rival Big Basket, Grofers, who is a well-known player in the grocery e-commerce market, set a record by raising $220 million in their Series F round of funding. Backed by South Korean investors, KTB Ventures, current investors Sequoia Capital and Tiger Global, Grofers set the record for the highest round of funding yet in the online grocery delivery space in India.
Commenting on the funding, Grofers said the money raised will be used to expand their supply chain operations. To compete with the likes of Big Basket, Grofers too shifted to the inventory model from being a hyperlocal grocery delivery player.
The fresh round of funding for Grofers comes just after Big Basket raised $150 million, and with E-Commerce giants Flipkart and Amazon getting their feet in the online grocery space as well.
Source: Live Mint