Deal Street: SoftBank Vision Fund Pumps $200 Million In Indian Grocery Startup

Three Indian startups raised nearly Rs 1,400 crore in venture capital and debt funding last week across sectors such as grocery, healthcare and food products.

Grofers Raises $200 Million From SoftBank Vision Fund

Grofers raised $200 million, or Rs 1,406 crore, in a fresh funding round led by SoftBank Vision Fund as it looks to expand its operations.

The fundraise, the largest ever for the Gurugram-based grocery startup, saw the participation of South Korea-based KTB Ventures, its newest investor, as well as existing investors Tiger Global Management and Sequoia Capital, it said in a statement.

The investment is set to help the grocery delivery firm to go head on against BigBasket, India’s largest online grocer which became a unicorn earlier this year after a $150-million investment from Alibaba, CDC group and Mirae Asset Global investment.

The fresh capital will also give Grofers firepower to take on Amazon India and Walmart Inc.-owned Flipkart, both of which are focusing aggressively on grocery. While Flipkart sells grocery under its Supermart platform, Amazon operates two grocery-delivery platforms—Amazon Pantry and Prime Now.

Grofers, which is present in about 13 Indian cities, is already profitable in Delhi.

Deepika Padukone Turns Investor For Yogurt Maker

Bollywood actress Deepika Padukone has made an undisclosed investment in yogurt maker Epigamia.

Epigamia, which sells its products in 7,000 retail stores, said the capital will be used to expand its product portfolio and enter new cities.

“Our shared set of core values and beliefs is what drew us together and this bonding principle, along with Deepika’s involvement in our products and brand, will be extremely valuable for us," said Rohan Mirchandani, co-founder of Drum Foods International Pvt. Ltd., the parent firm of Epigamia, said.

This investment is an extension of the $25.5 million round the company raised in January led by Verlinvest, a Belgium-based consumer-focused investment firm, and Danone Manifesto Ventures, the venture investment arm of French food group Danone.

“I am thrilled to join the Epigamia family. Not only do I love the products but also connect very strongly with the brand philosophy,” Padukone said.

Founded in 2015, Epigamia is available in 20 stock-keeping units under Greek yogurt, artisanal curd, snack pack, smoothies and others. The brand retails across chains such as Reliance Fresh, Godrej Nature’s Basket, Future Group’s Foodhall, Big Bazaar and Hypercity and is also available on e-commerce platforms.

DocsApp Raises $1.7 Million In Debt Funding

DocsApp raised $1.7 million, or Rs 12 crore, in debt funding led by venture debt firm InnoVen Capital as it plans to expand its operations.

“We believe that our investment will provide the company with the fillip it requires to achieve unbridled growth in the years to come,” Puneet Shah, director of InnoVen Capital, said in a statement. The company’s solutions have had a positive impact on people from Tier 1, Tier 2 and Tier 3 cities and also to those that do not have access to quality healthcare.

Launched in 2015, the doctor consultation app helps patients across India connect and talk to specialist doctors for online consultations over video calls, voice call and an in-built chat application. The app also allows users to order medicines and book diagnostic tests online.

The startup said it has on-boarded more than 5,000 specialist doctors on its platform, and provides consultation across 15 specialties, including dermatology, gynaecology, pediatrics and others.