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Grofers to turn unicorn with Zomato funds
July 01, 2021
E-grocer Grofers has signed a deal with Zomato and Tiger Global to raise $120 million, said individuals aware of the matter, in a significant consolidation move in the area. The new financing will value the startup at somewhat more than $1 billion, placing it’s anything but a growing pool of Indian unicorns.
Zomato, which is probably going to launch its IPO one month from now, is relied upon to document a proposition with the Competition Commission of India (CCI) this week, looking for approval for the investment, said one individuals referred to above.
ET was quick to investigate May 7 that Zomato was in talks with put $100 million in Grofers at a $1 billion valuation.
In the current round, Zomato will put about $100 million in the SoftBank-backed online grocery firm, while existing investor Tiger Global will place in the rest. New York-based Tiger is an investor in the two organizations, while SoftBank Vision Fund claims about 50% of Grofers.
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