Indian local delivery service Grofers raises $120 million in funding, valued over $300 million

Ecommerce is growing significantly in India. After nearly insane levels of valuations for companies such as Housing.com, and the shutting down of many more entities in the space, newer ventures are receiving rounds of funding. The latest name to secure a significantly higher level of funding is Grofers. According to a report in the Times of India – Grofers – a hyperlocal delivery service has managed to raise $120 million in funding, which translates to effectively Rs 780 crore. The report adds that Albinder Dhindsa, founder and CEO of Grofers confirmed the round of funding. According to sources quotes by the report, the valuation of Grofers went up from $33 million during its Series A round in February to over $300 million in its latest round of funding. A  TechCrunch report adds how SoftBank has been pouring money into several Indian startups such as Ola and Snapdeal as well. As part of this round of investment, SoftBank will also have a seat on the board of Grofers. Due to the rampant levels of evaluation, many have pondered whether there is an impending tech bubble that is about to burst. Earlier in May, Snapchat CEO Evan Spiegel, acknowledged that the tech bubble is in fact real and it would burst. Recently, we read reports around Zomato’s plans to layoff 300 employees, or nearly 10 percent of its staff. According to reports, the company will be focussing on enterprise and full stack.