blog post.
Dhindsa mentioned the corporate’s subsequent funding spherical was safe, with out divulging any additional particulars. ET
reported on Could 7 that Grofers is within the midst of a fundraising $100 million from Zomato. The funding is more likely to be half of a bigger financing spherical and should worth the web grocery agency at round $1 billion, sources beforehand advised ET.
“After popping out of the second wave, and at a degree the place our subsequent funding spherical is safe, I believe it’s time to kickstart plenty of initiatives that I’ve been ready for the precise time to start,” Dhindsa wrote.
In its bid to grow to be a tech-focussed firm, and to draw and retain prime tech expertise, Dhindsa added that the corporate might be allocating worker inventory possession plans to members of its tech group “relying on how a lot affect every of you may have created during the last 12 months”.
“We’ll solely succeed as an organisation if we make investments closely in tech. Our DNA must evolve to considered one of a tech firm, and never an e-commerce firm that utilises expertise. The whole lot from productiveness to personalisation to advertising and marketing is now a tech drawback,” Dhindsa wrote.
Earlier this month, Saurabh Kumar, who cofounded the e-grocery startup,
exited the company to start out a brand new enterprise.
Grofers — which was earlier
looking to list on the tech-heavy Nasdaq by means of a Cantor Fitzgerald blank-check agency — is now anticipated to scrap the IPO plan and stay a non-public agency, a supply advised ET final month.
The event additionally comes amid elevated competitors and a large surge in demand in metro and non metro cities on the again of the Covid-19 second wave.
Final month, Tata Digital mentioned it had
purchased a 64% stake in grocery e-tailer BigBasket, in one of many largest such offers in India‘s digital sector.
Different massive gamers within the house embrace Reliance’s JioMart, Amazon and Walmart-owned Flipkart, all of which have deep pockets and are ramping up operations.
