Set for an initial public offering (IPO), Gurugram-based online food delivery major Zomato's plans to invest in online grocery delivery platform Grofers is said to have entered the last step, and an announcement is likely to be made in the next few weeks, MoneyControl.
Zomato may likely pump in $100-120 million into Grofers at a billion-dollar valuation. That would make it another entrant into the country's burgeoning unicorn club.
Interestingly, the development comes when just yesterday (18 June), Grofers co-founder Saurabh Kumar announced that he will be leaving the startup's management after having been a part of it since its inception eight years ago. He will remain a shareholder in the company, though.
It should be noted that Kumar and his co-founder Albinder Dhindsa together own less than eight per cent of Grofers. Softbank owns the majority of the shares in the company; other investors in the company include Tiger Global, Sequoia Capital, and DST Global. Sequoia is also an early investor in Zomato.
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