According to the ET reports, India-based online grocery startup Grofers is planning to raise $140mn-$150Mn in fresh round funding, which will be led by Softbank’s Vision Group and Metro AG a German retail group.
A source familiar with this matter said: “SoftBank has decided to double down on its investment in Grofers as talks with Alibaba for a possible merger with BigBasket have not progressed. The round may see the participation of a new financial investor as well in which case the round size may go up to $200 million.”
Operating in 13 cities across India, Grofers provides services like grocery, fruits and vegetables, beauty and wellness, household care, baby care, pet care, bakery, and meats and seafood, among other things.
In March this year, Softbank invested $65 million to hold 35-40% stakes in the company, and if the investment goes through the Softbank may become the major shareholder in the company.