The Indian startup scene is booming right now! Zomato, a foodservice aggregator, just experienced a spectacular stock market debut. Paytm, a fintech company is also planning an IPO. Grofers, the online grocery store, is almost ready to take off as well. Grofers is likewise putting in a lot of effort to stay afloat and build a name for itself in an already crowded market.
Backing from Zomato:
Grofers recently got $120 million from newly listed Zomato. And, as a result of this strong backing, the company is breaking new ground in the industry. The company supplied to over 7000 residences in 15 minutes on July 26th.
The platform is reaping the rewards of its hard work over the last few years. They've put up an infrastructure where they source directly from the brand in strategically crucial locations, allowing them to deliver faster.
“Our work over last 5 years allowed us the tools and privilege of enabling the ecosystem that could promise to deliver groceries to every household in Gurgaon within 15 minutes. Yesterday, over 7000 households experienced deliveries within 15 minutes”, Albinder Dhindsa, the company's co-founder and CEO, stated.
Zomato has applied to the Competition Commission of India (CCI) for permission to buy a 9.3% share in Grofers. Grofers will turn into a unicorn if this passes (privately funded technology startups that have a valuation of a billion dollars or more)
Regarding other stakeholders as well:
On Twitter, the CEO stated, “When the first wave of the current pandemic hit, we realized two things, first, we needed to do more to support the ecosystem of local partners and delivery agents who made sure essential commodities reached our users. Second, we recognized that our users’ needs were distributed throughout the month when they needed to access grocery services for many use cases.”
This isn't the first time Grofers has tried to make a rapid delivery. It was started in the early years of the company's existence, but it had to be discontinued due to high burn and low ticket amounts.
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