Private Equity Fund Investments
E-grocery Grofers to turn Unicorn with $120-M from Zomato, Tiger Global: report
Gurugram-based e-grocery Grofers is to raise USD 120 million from Zomato and Tiger Global in a round that will value the startup at a little over USD 1 billion, putting it in a growing pool of Indian unicorns. Zomato will invest about USD 100 million in the SoftBank-backed online grocery firm, while existing investor Tiger Global will put in the rest. New York-based Tiger is an investor in both companies, while SoftBank Vision Fund owns about 50% of Grofers. Zomato, which is likely to launch its IPO next month, is expected to file a proposal with the Competition Commission of India (CCI) this week, seeking approval for the investment. For Grofers, the latest investment round will help it build a much-needed war chest in a market seeing increased competition and a surge in demand on the back of the Covid-19 second wave.
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