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Grofers, the Gurgaon-based hyperlocal delivery start up, announced that it had raised $120 million it its latest round of funding. Softbank, Russian billionaire Yuri Milner and existing investors put fresh capital into the company. According to reports, Grofers now is valued at $300 million. Sources said the company will use the fresh infusion to strengthen its network and increase reach.
The company currently has a presence in 26 cities. This is Grofers' third round of funding the same calendar year. It had previously raised $10 million and $35 million. Funding in startups has been slowing down recently, especially in the hyperlocal segment.