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Grofers revises IPO plans; looks for IPO listing by 2021-end

By Retail4Growth Team | July 27, 2020

The company closed the financial year with revenue of around Rs 2,500 crore and the valuation of Grofers is estimated to be close to Rs 6,000 crore.

Softbank-backed Grofers has advanced its plan to launch an initial public offer by the end of next year after its profitability path zoomed during the lockdown period, a top official of the company said.

Albinder Dhindsa, Co-founder and CEO, Grofers told the company started making an operational profit in January and expects to become cash positive by the end of this year, according to PTI.

“Our path to profitability has accelerated during the lockdown, and after achieving operational profitability in January, we are on track to become EBITDA and cash positive by the end of this year. We are observing market sentiments and aim to hit the capital market by the end of 2021,” Dhindsa told PTI.

Earlier the company had plans to go public in 2022.

The company closed the financial year with a revenue of around Rs 2,500 crore and the valuation of Grofers is estimated to be close to Rs 6,000 crore.

According to the data shared by the company, Grofers shipped 4.4 crore items last month, with 99.7 percent accuracy and since the lockdown began. It claims to have served 42 lakh households by the end of May.

During the lockdown, Grofers opened three new facilities and two more are in the pipeline at Bhiwadi and Lucknow.

“We are looking to add 10-15 facilities before the end of this year. We are helping our manufacturing partners with logistics, working capital, and distribution so that we can maintain constant supplies of goods for our customers. We started reverse picks on our own trucks and procured goods from the warehouses of our FMCG partners,” Dhindsa was quoted by PTI as saying.

Currently, Grofers has 10,000 partner stores to run a fast and lean supply chain from manufacturers straight to consumers.

 

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