SoftBank leads funding of over US$200mil in online grocer
New venture: A man walks in front of an advertisement of Softbank in Tokyo. SoftBank’s Vision Fund is leading an investment round in Indian online grocery startup Grofers. — AP
BANGALORE: Masayoshi Son isn’t losing his appetite for backing money-losing startups.
Son’s SoftBank Vision Fund is leading an investment round of more than US$200mil in Grofers, the Indian online grocery startup said in a statement.
Tiger Global and Sequoia Capital and new investor KTB joined SoftBank in the deal, which pushes the company’s valuation to almost US$1bil even as it competes against powerful rivals: Walmart Inc-controlled Flipkart, Amazon.com Inc and BigBasket, backed by Chinese e-commerce giant Alibaba Group Holding Ltd.
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