Grofers News

Grover and Madhuri Jain Grover, who was previously Head of Controls at BharatPe, are both directors of the firm founded on July 6. The company has a total paid-up capital of Rs 10 lakh and an authorised share capital of Rs 20 lakh.

Zomato had last year invested USD 100 million (Rs 745 crore) for acquiring around 9 per cent stake in Grofers. Zomato further said it will acquire 16.66 per cent of share capital of Mukunda Foods. The proposed investment is subject to fulfilment of certain customary conditions precedent.

Blinkit had sent 10,000+ COVISELF kits on New Year's Eve. Blinkit competes with Swiggy's Instamart, BigBasket, Dunzo, and the upstart Zepto. Blinkit, it turns out, has plans to deliver items other than groceries.

The Series D round also saw participation from existing investors. Magicpin will use funds for deepening its presence in existing markets. The company plans to launch in new markets.

Grofers intends to foster community entrepreneurship by collaborating with ambitious business women and men who will run "dark stores" where inventory will be housed. Grofers has already collaborated with 86 dark store owners in 13 locations and processed over 1 million orders in the three months since the introduction of its rapid delivery service. Kumar is still a member of the Grofers board of directors and a shareholder in the company.

Zomato will stop its grocery delivery service from September 17. The service was available in a few selected markets and it used to deliver within 45 minutes. Swiggy, Dunzo follow a different business model where they make dedicated dark stores and then they deliver goods within 15-20 minutes.

Zomato has fixed a price band of Rs 72 to 76 per share for the IPO, which will open for subscription from July 14 to 16. The total IPO size is Rs 9,375 crore, comprising a fresh issue of equity shares worth Rs 9,000 crore and an offer-for-sale to the tune of Rs 375 crore by Info Edge (India) Ltd, Zomato said. In February, Zomato had raised $250 million (over Rs 1,800 crore) in funding from Tiger Global, Kora and others, valuing the online food ordering platform at $5.4 billion (around Rs 40,000 crore).

As part of the management change, Kumar will not participate in the everyday operations at Grofers but continue to be a board member and a shareholder at the company. This major development comes at a time when the restaurant aggregator Zomato is in talks to invest around US$100 million in Grofers after a merger didn’t happen due to the COVID-19 pandemic. Grofers came into existence in 2014 by Albinder Dhindsa and Saurabh Kumar.

Stricter lockdown norms in many states. e-grocery delivery companies ramping capacities. Huge rush in online orders.

Gurugram-based food delivery platform Zomato and e-grocer Grofers on Tuesday refuted reports that they are in acquisition or merger talks after reports surfaced that Zomato may acquire Grofers for nearly $750 million.

Amazon has committed USD 500 million to its food retail venture in India.

The government will soon clear the US retail giant Amazon's proposed USD 500 million investment in retail of food products in India, Food Processing Minister Harsimrat Kaur Badal said.

US retail giant Amazon's proposed USD 500 million investment in retail of food products in India would soon get official nod, an official said.

This will be the second attempt into the grocery segment for the Bengaluru-based firm.

The US-based retail giant Amazon has proposed to invest about USD 500 million for e-retail of food products in India, Food Processing Minister Harsimrat Kaur Badal said on Thursday.

E-Commerce giant Amazon on Wednesday launched a grocery delivery app for customers in the city, taking domestic players such as Grofers, LocalBanya and PepperTap head on.