Grofers receives $10 million funding

Softbank-backed online groceries delivery platform Grofers has reportedly received an investment of about Rs 70 crore ($10 million) from Capital Investment LLC, an entity that appears to an investment vehicle of the UAE based Abu Dhabi Investment Group, according to filings accessed by business intelligence platform, paper.vc.

The investment occurred at the same valuation as previous Series F investments and valued the online grocery platform at approximately $497 million. The filings show that the Abu Dhabi investment group got 1,91,668 shares in lieu of the investment in this round. Other investors in this round, include Tiger Global, SVF Growth(Singapore) and Sequoia Capital.

According to paper.vc, Grofer's main competitor, BigBasket has received a number of investments totalling $87.9 million from the now-collapsed Dubai-based private equity firm, Abraaj Capital. Of the $220 million that Softbank and other investors reportedly invested, only $130 million appears to have been received by Grofers.