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Dragoneer leads $10m round for India's ZopNow

  • Holden Mann
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Dragoneer Investment Group has led $10 million funding round for Indian online grocery retailer ZopNow. Existing investors Accel Partners, Qualcomm Ventures and Times Internet also participated.

ZopNow will use the new capital to expand into 15 additional cities from the four that it services now, according to The Economic Times. Furthermore, the company also intends to hire new employees and improve its technology, and may also branch out into other product categories alongside groceries.

Founded in 2011, ZopNow delivers from its own warehouses, but recently switched strategies and now partners with supermarket chain HyperCity to fulfill customers' orders. The company plans to pursue the same model as it expands across India.

ZopNow previously raised $2 million in 2012. Its latest round comes amid increasing interest in India's online grocery space, with delivery service Grofers raising $10 million in February from Tiger Global Management and Sequoia Capital, and retailer BigBasket received a $32.8 million round led by Helion Partners and Zodius Capital in September 2014.

US-based Dragoneer is no stranger to Indian online retailers. The firm participated in a $6 million round in March for tea seller Teabox, and helped raise $160 million for FlipKart in 2013.

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