Gurgaon-based on-demand delivery startup Grofers has raised $10 million (around Rs 62 crore) in series A round of venture capital funding led by investment firm Tiger Global Management with participation from existing investor Sequoia Capital India. Notably, we at IndianWeb2 have selected Grofers among Top 10 Gurgaon Startups in 2014.
The deal values the startup at $33 million around Rs 205 crore. Currently available in Delhi and Mumbai, the latest raised funds will be used to expand into more cities, with Bangalore first on the list. After Bangalore, it hopes to expand into other major cities soon, including Hyderabad, Chennai, and Kolkata.
Founded in 2013 by IIT graduates Albinder Dhindsa and Saurabh Kumar, Grofers wants to help local shops by not only providing them with a mobile platform for their inventory, but also facilitating on-demand delivery within 90 minutes.
Grofers claims to process 30,000 deliveries a month, with a fifth of those orders placed through its mobile apps.
“Local retailer penetration in India is very high and there are a lot SKUs (stock keeping units) available to customers in a small catchment area. We want to bring that SKU availability online,” said Grofers co-founder Dhindsa.
Dhindsa, who earlier worked at Zomato, said he expects Grofers’ orders to increase from 180 a day now to 3,000 by end of this year.
In just few weeks this is Tiger Global’s 9th investment in an Indian startup, earlier to this just couple of days back Tiger Global made mass investment in 4 startups in one go and earlier to that invested whopping $10 million in Culture Machine Media Pvt., a Mumbai-based startup followed by investment of $4 million in News In Shorts, a Noida-based mobile app startup.