SoftBank-backed online grocery Grofers is set to raise funds by selling stake to Zomato and Tiger Global. The company is set to raise $120 million from stake sale, stated a news report.
According to CNBCTV18, sources confirmed that Grofers is set to raise $120 million from stake sale to Zomato and Tiger Global. The report further stated online grocery is set to become an unicorn with this round of funding.
Earlier reports stated the company was in talks with Zomato to raise around $100-120 million. But now it was revealed that Zomato will pick stakes in Grofers. Recently, the co-founder of Grofers, Saurabh Kumar (fondly called SK), has left the company. However, he will continue to be a board member and a shareholder at the company.
Recently, Grofers offered a 33 per cent hike in salary to its tech team effective July, along with a "hefty ESOP allocation" as the online grocery delivery platform looks to retain staff and woo more tech talent.