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Oct, 30 2018

SoftBank May Lead $120-150 Mn Funding Round In Grofers

SoftBank's Vision Fund is in final discussions to lead a new $120-150 million financing round in Grofers.

Japanese investor SoftBank's Vision Fund is in final discussions to lead a new $120-150 million financing round in Grofers, a Gurugram-based online grocery firm.

A fund with a corpus of $100 billion will move the earlier investment Softbank made in Grofers from its own balance sheet also to this entity. 

The move of SoftBank to further invest in Grofers also puts a stay on rumours of the merger with a bigger rival Alibaba-backed BigBasket.

A people close to the matter said, "SoftBank has decided to double down on its investment in Grofers as talks with Alibaba for a possible merger with BigBasket have not progressed. The round may see the participation of a new financial investor as well in which case the round size may go up $200 million."

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