BENGALURU: Japan's SoftBank Group Corp has led an investment round of more than US$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 US$150 million to hit a valuation of over US$1 billion. Both the startups compete with the likes of Amazon.com and Walmart Inc's e-commerce unit Flipkart for various categories.
The Japanese firm is considering an initial public offering of its US$100 billion fund, a source told Reuters earlier this month.