Source: Arabian Business
A unit of Abu Dhabi Capital Group (ADCG) has invested about $10 million in Grofers, the Indian online grocery start-up, further evidence of the growing appetite by Middle East-based investors to fund Indian start-ups and e-commerce companies.
Capital Investment LLC, part of the Abu Dhabi-based private institutional investment house ADCG, has invested $9.99 million to acquire 191,688 shares in Grofers, according to regulatory filings made by the Indian start-up, sourced business intelligence tracking firm paper v.c.
The ADCG arm concluded the investment deal with Grocers last week, as part of the latest round of fundraising by the Indian online grocery startup. Capital Investment LLC has been allotted class F shares in Grofers.
Founded by IIT graduates Albinder Dhindsa and Saurabh Kumar in 2013, Grofers offers products across categories such as grocery, fruits and vegetables. It currently operates in 13 cities across India.
According to industry sources, Grofers is to utilize the fresh funds to expand into new markets, besides beefing up its supply chain, warehousing infrastructure and private label product offerings.