Japan's SoftBank Group Corp has led an investment round of more than $200 m...
FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo
BENGALURU - Japan’s SoftBank Group Corp has led an investment round of more than $200 million in online grocery startup Grofers India through its Vision Fund, the New Delhi-based company said on Wednesday, upping competition in a hotly chased market in the country. Grofers’ fresh funding comes after homegrown rival Bigbasket, which is backed by China’s Alibaba Group, recently raised $150 million to hit a valuation of over $1 billion. Both the startups compete with the likes of Amazon.com and Walmart Inc’s e-commerce unit Flipkart for various categories.
“This latest investment will help scale the company to ensure many more customers can access the best quality products at the best prices,” Chief Executive Albinder Dhindsa said in a statement.Softbank’s Vision Fund was set up in 2017 and is now the world’s largest technology investment fund, with a portfolio that includes pioneer Uber Technologies Inc, chip designer ARM and shared workspace firm WeWork.
The Japanese firm is considering an initial public offering of its $100 billion fund, a source told Reuters earlier this month.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump doubles tariffs on $200 billion of Chinese imports, escalating U.S.-China trade warThe tariffs took effect at 12:01 a.m. Friday, with trade talks expected to continue.
Read more »
U.S. to hike tariffs on $200 billion worth of Chinese imports: Federal RegisterThe United States will raise tariffs on $200 billion worth of Chinese imports to...
Read more »
Prince Charles opened a royal bed and breakfast that's just $200 a night — take a lookPrince Charles opened a bed and breakfast that's just $200 a night — take a look. via CNBCMakeIt
Read more »
U.S. poised to double tariffs on $200 billion of Chinese imports, escalating U.S.-China trade warU.S. poised to more than double tariffs on $200 billion of Chinese imports, escalating trade war; talks expected to resume Friday
Read more »
U.S. tariff increase on $200 billion of Chinese imports takes effectTrump admin. raises import taxes on $200,000,000,000 of Chinese imports from 10% to 25%. China's Commerce Ministry said it would take 'necessary countermeasures,' but gave no details.
Read more »
U.S. will raise tariffs on $200 billion worth of Chinese imports: Federal RegisterU.S. will raise tariffs on $200 billion worth of Chinese imports - Federal Register
Read more »
Prince Charles opened a bed and breakfast that's just $200 a night — take a lookPrince Charles opened a bed and breakfast that's just $200 a night — take a look via CNBCMakeIt
Read more »
Here's how you can rent these vacation mansions for under $200 per person a nightThere's a company that's like Airbnb for mansions — and you can rent them for under $200 per person a night. (via CNBCMakeIt)
Read more »
Refinery29 thinks it can double revenue to $200 million despite a tough climate for digital mediaExecs said the company made $100 million-plus in 2018 and could double that if their plan to diversify away from advertising works.
Read more »
Beijing vows retaliation after US increases tariffs on $200 billion of importsBeijing said that it has no choice but to retaliate after US raises new tariffs.
Read more »