Grofers to turn unicorn with Zomato funds

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Grofers to turn unicorn with zomato funds

29 Jun 2021

1 min read

E-grocer Grofers has signed a deal with Zomato and Tiger Global to raise $120 million, said people aware of the matter, in a major consolidation move in the sector. The new financing will value the startup at a little over $1 billion, putting it in a growing pool of Indian unicorns.

Zomato, which is likely to launch its IPO next month, is expected to file a proposal with the Competition Commission of India (CCI) this week, seeking approval for the investment, said one of the people cited above.

ET was the first to report on May 7 that Zomato was in talks to invest $100 million in Grofers at a $1 billion valuation.

In the current round, Zomato will invest about $100 million in the SoftBank-backed online grocery firm, while existing investor Tiger Global will put in the rest. New York-based Tiger is an investor in both companies, while SoftBank Vision Fund owns about 50% of Grofers.

Click here to read the full article on The Economic Times

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Grofers to turn unicorn with Zomato funds | PraxisGA