The need for online grocery delivering platforms have increased two-fold due to the government-imposed lockdown. Grofers, digital grocery delivering platform is bracing itself to raise another $60-$70 million from its investors. The company is reflecting a massive profitability in the month of May because of the surge in users.
The existing investors like SoftBank Vision Fund, Apoletto Asia, Sequoia Capital and Tiger Global are a few who are expected to back the company up here. The funding is coming in times where the profits of the company has doubled. The sources have explained that the company wants to increase its bank reserves right now. Grofers also expects to have more than $700 million in its annual GMV.
The company has raised 250000 new customers in the last month and projections show a 350,000 increase in May. The company is in search of new investors to increase the valuation but for mean time it has been counting on its existing investors. As a HR initiative, company is also investing in enhancing the employee stock ownership plan to attract and retain their employees.
Grofers told in a statement that the company business is back on the track in all other entities except for Mumbai and Pune. They have received operational profitability in the beginning of the year and plan on taking things a notch higher in May. The digital grocers have faced challenges with respect to workforce and warehouses in beginning but managed to overcome everything.