SoftBank may invest in Grofers; EverSource eyes stake in Ostro execs’ platform
Photo Credit: Reuters

Gurugram-based online grocery firm Grofers is in advanced negotiations to raise $120-150 million in a fresh round led by existing investor Japanese internet conglomerate SoftBank’s Vision Fund, The Economic Times reported.

Citing people aware of the development, the report said German retailer Metro AG may participate in the round.

Grofers may receive funds at a pre-money valuation of $500 million, according to the report.

In March, Grofers had raised Rs 400 crore (around $62 million) in a Series E round led by SoftBank.
In another development, EverSource Capital will invest about $100-150 million for controlling stake in a new renewable energy platform set up by Ostro Energy's former chief executive Ranjit Gupta and former operations chief Murali Subramanian, The Economic Times reported.

In April, ReNew Power had acquired Ostro Energy from private equity firm Actis. The deal value (which includes debt) was about Rs 10,000 crore.

EverSource Capital is an equal joint venture formed this year between private equity firm Everstone and global solar project developer Lightsource BP.

EverSource Capital aims to raise £500 million ($710 million). It has the UK government and India’s National Investment and Infrastructure Fund as anchor investors with a commitment of £120 million each.

In another development, Bengaluru-based 63Ideas Infolabs Pvt. Ltd, which runs business-to-business agri-marketing platform Ninjacart, is in advanced discussions to raise $20-25 million from existing investor Accel Partners and new investors, Mint reported, citing two people aware of the development.

In July, VCCircle reported that Ninjacart had raised $4.9 million (Rs 33.70 crore) in a fresh round from existing investors.

In March, it had raised $1.1 million (Rs 7 crore) from venture debt firm Trifecta Capital.

The company’s agri-marketing platform allows farmers to sell vegetables and fruit directly to business establishments such as shops, retailers and restaurants. 

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