It has retracted job offers given to fresh graduates. The company’s HR head notified its employees through an email that most lay-offs would take place in the customer support and content teams. Exiting employees will receive a one-month severance package.
Grocery delivery startup BigBasket has raised $150 Mn in fresh funding in a round led by UAE’s Abraaj Group. The company is planning to expand its services into smaller cities. Rival Grofers, an app-based service that connects local stores to customers, raised $120 Mn from Japan’s Softbank last year to expand operations.
Silicon Valley based Sequoia Capital has raised a $920 million fund to further invest in Indian companies.Sequoia’s Fund V closed around more than a month ago. This is the largest fund raise by any VC till date. In 2015 April, Sequoia had raised $210 million to its existing $530 million-India fund. Altogether, the total assets in India are more than $3 billion. The companies included in Sequoia’s portfolio are Oyo Rooms, Zomato, Freecharge, JustDial, Grofers, Craftsvilla etc.
Grocery app Grofers will now be delivering Reliance’s new 4G smartphones, starting from January 29th. Recently, Reliance Retail started selling 3 models of its own 4G smartphone brand Lyf to complement Reliance Jio’s services that are expected to be launched by March-April. The three devices – Lyf Earth 1, Lyf Water 1 and Lyf Water 2 will be available on Grofers at over 150 stores across 13 cities – Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi-NCR, Hyderabad, Jaipur, Kanpur, Kolkata, Lucknow, Mumbai and Pune.
Processed food brand from Desai Brothers, Mother’s Recipe has announced the launch of its online store to retail food products and enable it to reach a wider segment of consumers. The website will enable customers to choose and shop from the entire product range of Mother’s Recipe across different categories. However, it already retails online through 18 e-grocers such as Big Basket, Grofers, Amazon.in, Aaramshop, Farm2kitchen, MyGrahak, Callandorder, FreshnDaily etc.
Grofers has shutdown operations in 9 cities including Ludhiana, Bhopal, Kochi, Coimbatore and Visakhapatnam. Grofers is unable to break through the ‘mom-and-pop’ store over there. Grofers recently raised $120 million in funding from Japan’s SoftBank, Yuri Milner and existing investors Tiger Global and Sequoia Capital. Grofers is under a lawsuit by real estate portal Groffr over the brand name and its CTO has also quit.
Grofers has reported its annual returns, with the Registrar of Companies for the financial year 2014-15 with, a revenue of INR 86 lacs at a loss of INR 3.9 crores in the year, compared to INR 1.8 lacs in FY13-14. Out of INR 86 lacs, INR 73 lacs was revenue from operations. Largest expense head was “Emloyee Expenses “at INR 2.2 crores, followed by ‘Manpower Supply charges’ at INR 61 lacs and ‘Advertising Promotional Expense at INR 60 lacs’.
Hyperlocal delivery startup Grofers, has raised $120 million from Japan’s SoftBank Corp. This funding round would be one of the largest at this stage raised by any Indian tech startup. For SoftBank, this would be its 5th investment in India over the past year after Snapdeal, Ola, Housing and budget hotel aggregation platform Oyo Rooms.
Soft-drink maker Coca-Cola is testing its low-calorie brand ‘Sprite Zero’ in India on e-commerce mobile app ‘Grofers’. This is the first time that the company is testing a product on an e-commerce platform. However, the beverage maker has introduced ‘Coke Zero’ on online marketplace Amazon last year, but that was a formal launch. Sprite Zero will be sold exclusively via Grofers for a fortnight —during this period, the company will pick the product directly from Coca-Cola and deliver it to the consumers. Coke will pilot 300 ml cans at Rs 25 to test the low-calorie variant of Sprite.
Redstone Consultancy, the promoter of group buying startup Groffr, has filed a case against online grocery delivery firm Grofers India Pvt Ltd for using a similar sounding name to confuse consumers. The court has directed both the entities to put up disclaimers within three weeks on their website and mobile apps informing customers that they are two different companies. Groffers, started in 2013, was initially called ‘One Number Company’.