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Zomato invests $100mn in Grofers
August 17, 2021
Zomato has invested ₹741.2 crores or $100 million in Grofers. The investment would also mark a re-entry of the Gurugram-based food tech organization into grocery selling. Furthermore, the entry of Grofers into the bulging Unicorn club. Presently 22 in number, counting just 2021 entrants.
Grofers’ customer-facing entity (Grofers India Private Limited) has allotted 3,248 preference shares and 1 value share at an issue price of ₹15,95,000 per share to raise ₹518.2 crores or $70 million from Zomato Limited, regulatory filings with MCA show.
The grocer’s wholesale procurement arm Hands-On Trade has likewise raised ₹223 crores or $30 million from the publicly listed organization. Following the venture, Zomato has gotten a 9.16% and 8.94% stake in Grofers’ B2C and B2B entities respectively.
Grofers’ last valuation is not set in stone at this stage as it has yet to allot shares to Zomato in its Singapore-based holding organization. As per Fintrackr, Grofers was valued at around $644 million during its last tranche of funding from Chicago-based asset management firm Euler Fund in February this year.
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