1947 Tech 🇮🇳: 159
Zomato-Grofers, Largest Seed Round, Pharmeasy, and more!
1. Done Deal! IPO-bound Zomato Invests $120 Million in Grofers
IPO-bound food delivery platform Zomato has signed off on its long-held plan to invest in online grocery startup Grofers, according to sources privy to the development. The deal comes at a time when more consumers are buying groceries online, owing to the COVID-19 pandemic.
Sources told Moneycontrol that the deal has officially been signed on June 29 2021, as part of which Zomato will invest around $120 million in the grocery startup at a valuation of over one billion dollars. With this investment, Grofers will turn a unicorn
Albinder & Zomato founder and CEO Deepinder Goyal also go back a long way. Both of them studied at IIT-Delhi between the years 2000–2005. He also headed Zomato’s international operations for two years before starting up Grofers
2. PharmEasy gets $300 million booster shot for Thyrocare deal
PharmEasy has raised $300 million more, led by its existing investors, bringing the total funding received by the online pharmacy since April to $650 million, most of which will be used to fund its ongoing acquisition of diagnostic chain Thyrocare
API Holdings was founded by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia and Shah in 2015.
Shah, who leads new initiatives at the company, said US investment firm Tiger Global has already backed PharmEasy, as reported by ET, and is in further talks to pump more capital into the startup, which is now valued at $4 billion.
Mukund Kulashekaran is currently the SVP at Urban Company (valued at $2.1b). Previously he was the CBO at Zomato, which is looking to go public soon and is currently valued at $5.4b.
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Worth your attention:
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