Zomato's Likely Investment Of $100-120 Million In Grofers At A Billion-Dollar Valuation Enters Last Leg: ReportZomato logo

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, reports 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.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Advertisement