On-demand hyper-local delivery startup Grofers, which delivers products from local merchants to consumers, has announced the closure of a $36 million funding round from existing investors – Tiger Global, Sequoia Capital and Yuri Milner.
With this funding round, the company is now valued at around $115 million. Earlier, the company raised about $10 million in funding, which valued the company at $33 million.
This deal gives three fold increase in the valuation of the company. The company is planning to use funds for aggressive marketing and expanding its offerings across categories and geographies.
Abheek Anand, Principal at Sequoia, said,
We are happy to support Grofers as they build the next generation mobile e-commerce platform. By introducing new categories and cities, Grofers will continue to lead the market and allow the Indian consumer to access an unprecedented level of selection and convenience in their online shopping experience.
Grofers was founded in December 2013 by Albinder Dhindsa. The Delhi-NCR based company offers on-demand, hyper-local logistics services that helps local businesses in India make dependable and trackable deliveries to their customers. Earlier, it acquired MyGreenBox, a smartphone based grocery delivery platform.
You can choose from a selection of over 20,000 items, including essentials like diapers and personal grooming items. If you want something that is not listed by any merchants around you, you can drop a note and the company will source it from its merchants.
You can use the Grofers’ mobile application or website to get grocery, cakes and other items. It claims to deliver products within 90 minutes from local stores and merchants. Its app has seen over 1,00,000 Android downloads.
Grofers competes with the likes of LocalBanya, BigBasket, PepperTap, etc. Recently, AskMe also forayed into online grocery marketplace by acquiring BestAtLowest.