Gurgaon-based yperlocal delivery startup Grofers has announced that it has raised $120 million (about Rs 780 crore) in a fresh funding round led by Japan's SoftBank Corp.

Russian entrepreneur and venture capitalist Yuri Milner and existing investors Tiger Global and Sequoia Capital also participated in the round, according to co-founder and chief executive Albinder Dhindsa. Apoletto Managers, a personal fund managed by DST Global's partners also participated in this new round, the third one this year for Grofers.

The recent round is likely to value the company slightly below $400 million.

Grofers, which is online delivery service that connects consumers with local stores, has raised $166.5 Million till date after 4 rounds of funding by Softbank, Sequoia Capital and Tiger Global.

According to sources, after the recent funding Grofers Softbank is expected to take 20-30% stake in the company.

In July, SoftBank announced that the firm will shut down its venture capital (VC) arm and avoid investing in early-stage firms.

In October 2014, SoftBank pledged to invest a total of $10 billion over a decade in India. Grofers is fifth investment of SoftBank in India over the past year after Snapdeal, Ola, Housing and budget hotel aggregation platform Oyo Rooms.

Grofers currently operates in 25 cities and gets about 30,000 orders in a day. The company lists all neighbourhood stores on its platform (from grocery shops to pharmacies), and employs a delivery crew of 4,000 people that is growing rapidly.

In April this year, Grofers has raised $35 million from existing investors Tiger Global Management and Sequoia Capital in its third round of funding and in the same month the company has acquired a Delhi-NCR based grocery delivery mobile app, My Green Box, for an undisclosed amount.

Founded in 2013 by IIT graduates Saurabh Kumar and Albinder Dhindsa, Grofers started delivering to end customers in November 2014.

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