Grofers secures investment from US-based Euler fund

Grofers online grocery

Online grocery startup Grofers has secured funding from Chicago-based Euler Fund. The firm has been in talks to raise $70-100 million in the fresh round from existing investors.

The company is reportedly valued at $644 million and the fresh fundraise did not impact the valuation of the company.

The Gurgugram-based firm has clocked $177.5 million in its Series F round so far which was started in February 2019. SoftBank alone has put in $175 million in the round.

On the other hand, Euler is not an active fund in India. In September 2019, it had invested $4.63 million in second hand-car platform Cars24..

The fresh funding comes as Grofers explores the option to go public in the US through a merger with a special purpose acquisition company (SPAC).

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