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Online grocer Grofers is an Indian company start-up which was founded in December 2013. The e-grocer based company was started by IIT graduates Albinder Dhindsa and Saurabh Kumar as an online grocery delivery service. At present, The firm is valued at $425 million after the fresh Series F funding round.
Grofers offers products covering different categories such as fruits, grocery, vegetables, beauty, medications, household care, baby care, bakery, pet care, and etc. It operates in around 18 cities like Mumbai, Delhi, Gurugram, Kolkata, Ghaziabad, Kochi, Bhubaneshwar, Pune, Noida, Bengaluru, Ahmedabad, Jaipur, Chennai, Faridabad, Lucknow, Chennai, Kanpur, and Madurai.
Grofers has tightened its losses slightly to Rs 258 crore in FY18, help that twice the sales demonstrating the blooming proclivity for online grocery shopping in India.
Last year, Grofers has made a net loss of rs. 268 crore. Operative earnings swelled 58% up to Rs. 53 crore during the year to March 2018, contrasted to Rs. 34 crore, data sourced from research dais Veratech displayed.
Other e-commerce firms that post income number on existent sales, Grofers’ numbers demonstrated income it earned through retail margin from brands and sellers. The Gurugram based company said it sold goods valued Rs. 1,000 crore during last fisscal year.
The co-founder Saurabh Kumar said “At the working level, we presume to break even by June this year. Sales are twice over the past three years and we will end the current fiscal with sales of about Rs 2,500 crore,” Kumar added, “There were high fixed costs of footing and store housing originally but losses will prostrate down on the back of sales volume.”
According to the market research by Nielsen, E-commerce’s offers a total of 1.3% to Fast-moving Consumer Goods (FMCG) sales and is believed to touch 11% by 2030. FMCG firms have also been extensively introducing products exclusively for online daises.
In February, Grofers said it became first Indian e-grocer firm to cross Rs. 300 crore on monthly based sales to become the largest online grocer company. Grofers’ competitor, BigBasket widen its sales by 35% to Rs 1,606 crore during the fiscal year 2018 at the same time losses declined by 53% up to Rs. 310 crore. The e-grocer sectors are almost quadruple over the next three years to reach 10,000 crores in terms of income. It is forecasted that the Indian online grocery market I ready to touch 270 the crores by the fiscal year 2019, growing at a compound annual growth of 62% from 2016 to 2022, according to Goldman Sachs report.