Grofers pursues profit, targets IPO in 3yrs
5 May 2019 7:31 AM GMT
Grofers was last valued at USD 600 million and moved out of hyper-local delivery model three years ago. It is focussing on doubling its sales to Rs 5,000 crore by FY'20.
- Online supermarket major Grofers India is pursuing profitability by consolidation and focusing on doubling its sales to Rs 5,000 crore by FY'20.The company is also gearing up to hit the capital market with initial public offer (IPO) within the next three years."We have closed FY'19 with Rs 2,500 crore sales.
- We expect around Rs 5,000 crore sales in the current fiscal," Grofers co-founder & CEO Albinder Dhindsa told PTI.The online player that was last valued at USD 600 million has moved out of hyper-local delivery model three years ago.
- Grofers, despite raising $ 60 million recently, remained focused on consolidating its presence in 12 cities (where it is already present) across the country to push profitability instead of aggressive geographical expansion."We are very close to break even in Delhi and we have managed to break even in Gurgaon and Noida regions.
- About 86 per cent of Grofers users use in-house brands, the company CEO said.
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