Zomato’s Investment of $100 Million turned Grofer into a Unicorn : Report
Application like Zomato, known for the food delivery tardily in the year, is planning to explore all the public markets. For nearly 10% stake, it made a treaty to invest in Grofers – an online grocery market of $100 million.
Back seven years ago, Grofer began as a startup and is valued for the investment proposed. It considers SoftBank a massive investor, having invested $1 billion and more, said TechCrunch.
Other investors like SoftBank Vision Fund 2 and Tiger Global are into flaking in a part of the capital while making Zomato’s investment proposal a part of the extensive round. Zomato said it had nothing to comment referring to the source, said the report.
Zomato and Grofer leadership teams now have been friends closely and scrutinise the investment from the beginning of the year. Until Zomato becomes a public trading organization, the decision would be held up. Still, both the firms together are up to the idea of Zomato amassing the majority of the stake in the firm of Grofer in the next quarter, said TechCrunch.
In the last year, the business of food delivery of Uber was taken by Zomato, which told its leading investors that it foretells the destiny of the firm to have flourished more than just the category of food delivery. These were the private talks requested by anonymity, said the source.
Due to strict restrictions, the lockdown in several states of India prevented the virus from spreading and during the time of which Grofers witnessed an impressive rise in its popularity.
