Indian Grocery Startup Grofers Scores $10 Million in Funding from Abu Dhabi Capital Group
The recent investment is further proof of growing interest of Middle Eastern investors in funding Indian e-commerce startups.
Indian online grocery startup Grofers receives $10 million in investments from Capital Investment LLC, a part of Abu Dhabi Capital Group (ADCG). The deal was finalised last week as part of the latest round of Grofers’ fundraising, with various industry sources highlighting Grofers’ efforts to climb up the supply chain, expand their business into new markets, and warehousing infrastructure improvement.
Grofers was founded in 2013 by Indian Institutes of Technology graduates Albinder Dhindsa and Saurabh Kumar, where they used their expertise to improve the platform and its operations to make grocery, vegetables and fruits available for purchase across 13 major cities in India. The investment made by ADCG has added enormous value to the Indian startups, as founders believe the funds gained will propel them into becoming a big corporation in the upcoming years, which provides further proof of growing interest of Middle Eastern investors in funding Indian e-commerce startups.
With the investment, ADCG’s Capital Investment LLC has gained class F shares in the company. Other than this, Grofers raised almost $200 million from Softbank Vision Fund in May, and other investors such as Tiger Global and Sequoia Capital. ADCG also has partnerships in various up-and-coming markets across the world, including North America and Europe.
