Online grocery startup Grofers pursues profit, targets IPO in 3 years
Online grocery startup Grofers is focussing on doubling its sales to Rs 5,000 crore by FY20. The company is also gearing up to hit the capital market with an initial public offer (IPO) within the next three years.
- Online grocery startup Grofers India is pursuing profitability by consolidating its presence in the cities where it has a presence in and focusing on doubling its sales to Rs 5,000 crore by FY20.
- We expect around Rs 5,000 crore sales in the current fiscal," Grofers Co-founder and CEO Albinder Dhindsa told PTI.
- Grofers, despite raising $60 million recently, remains focused on consolidating its presence in 12 cities (where it is already present) across the country to push profitability, instead of aggressive geographical expansion.
- About 86 per cent of Grofers users use in-house brands, the company CEO said.