Image by Prawny on Pixabay

Indian online grocery delivery service Grofers has raised some $60 million in funding led by Softbank Vision Fund with participation from Sequoia Capital and Tiger Global, according to a report from the Financial Express. It says Softbank led the round with a $37.49 million investment, while Tiger Global and Sequoia Capital invested $20 million and $2 million respectively.

The report also says Grofers – with a total of $300 million raised (including this round) according to  Crunchbase data – was valued at $425 million with this round. This funding actually marks as the smallest known round for the Softbank Vision Fund so far, with the $100 billion investment vehicle known for huge bets on companies like OakNorth, Coupang, Compass, Nuro and ParkJockey.

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Softbank, Sequoia Capital and Tiger Global are returning investors, with Grofers having raised funding in the past from these backers along with other notable names like Roeding Ventures and DST Global’s Yuri Milner. Its grocery delivery service is available in 20 Indian cities, and the company says it has seen 3 million app downloads on iOS and Android.

Online grocery delivery in India is an industry seen to have huge potential, estimated to surpass $3 billion to $5 billion or even more over the next three or four years. BigBasket, a Grofers competitor and the largest e-grocer in India, was reported to be in discussions of raising $300 million – $400 million at a $1.5 billion valuation in October, some months after it raised a $300 million round led by Alibaba, at a $950 million valuation.

Image by Prawny on Pixabay

Also in the Indian e-commerce industry, Uber is reportedly arranging a sale of its food delivery business in India to on-demand unicorn Swiggy, in exchange for a 10% stake in the $3.3 billion valued company.

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