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SoftBank leads $120m round for India's Grofers

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Indian hyperlocal delivery service Grofers has raised $120 million in Series C funding led by SoftBank Corp.

This is SoftBank's first investment into Grofers; previous investors Sequoia Capital, Tiger Global and Apoletto Asia also participated. According to a TechCrunch article citing Grofers co-founder Albinder Dhindsa, Softbank will gain a 30% stake in Grofers and a seat on the company's board.

Grofers partners with over 10,000 small merchants in the grocery, bakery, medicine, electronics and other sectors to list their goods through its mobile app and to deliver to customers through its network of drivers. The company will use the new funds to add new vendors.

Founded in 2013 as a B2B enterprise, Grofers changed focus last year to sell directly to customers. Since then it has raised more than $160 million across several rounds of investment, including, in addition to the latest round, a seed round led by Sequoia last December, a $10 million Series A round from Sequoia and Tiger Global in February, and a $35 million Series B round from Sequoia, Tiger Global and Apoletto in April.

India's hyperlocal delivery space has seen a surge in investor interest recently. Grofers' closest rival in terms of funds raised is BigBasket, which has received commitments totaling more than $100 million since 2012, most recently with a $25 million investment from the International Finance Corporation (IFC) in October.

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