Grofers shuts down in 9 Cities
Grofers, a hyper local grocery startup will be going out of operations in nine Indian cities. These are Bhopal, Bhubaneswar, Coimbatore, Kochi, Ludhiana, Mysore, Nasik, Rajkot and Visakhapatnam.
Grofers had stopped operations in October 2015 in certain parts of New Delhi because of operational issues. The company’s CEO, Mr. Varun Khurana had recently resigned. Grofers has a number of investors which include SoftBank, Lee Fixel-led Tiger Global and Sequoia Capital, among others.
The company’s latest funding has been from Apoletto Asia, the personal investment vehicle of DST Global’s partners. It also includes Russian billionaire Yuri Milner, and its existing backers, and the company is valued at Rs 2657.2 crore.
This is the third time funds have been raised by the company over 2015. This has earmarked a three-fold increase in the company’s valuation in over four months. The company’s valuation in July was $115 million and $33 million in February.