Technology and Internet
Grofers to turn unicorn with Zomato funds
29 Jun 2021
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.

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