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India’s Grofers Grabs $120M To Bring Offline Merchants Into The On-Demand World

The race for on-demand delivery services in India is on, and today one of the bigger startups in the market has picked up a large cash injection as it goes for pole position. Grofers, an Instacart-style app that links up with local, offline merchants to delivery groceries, medicine, flowers, and other daily items to customers, has raised $120 million led by new investor SoftBank. The Series C round also included existing backers DST’s Apoletto Managers, Tiger Global and Instacart investor Sequoia Capital.

Grofer CEO and co-founder Albinder Dhindsa and SoftBank have both directly confirmed the round and investors to TechCrunch. Grofers has been on a fundraising tear to aid its expansion. This is the third round raised by the company this year alone, after earlier rounds of $10 million and $35 million. It brings the total to just under $166 million including an earlier seed round. Japan’s Softbank has been pouring hundreds of millions of dollars of investment into Indian startups like Ola, Snapdeal and more, and as part of this round it will take a seat on Grofers’ board.

The Times of India, which first reported the raise, cites sources that say Grofers now has a post-money valuation of over $300 million. Dhindsa, who cofounded the company with Saurabh Kumar, would not comment on the valuation and said he hadn’t even wanted to make this fundraiser public. “Very honestly it’s just a distraction for the team,” he told TechCrunch. “We’re in the middle of trying to build a business.” Today, that business is currently live in 26 cities in India, with some 1.6 million downloads of the mobile apps that are used to order its services.

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