Venture capital firm KTB Network -- based in Pangyo, Gyeonggi Province -- has bought a $20 million stake in Indian online grocery delivery startup Grofers by joining a series F round of funding, according to industry sources on July 19.
The investment marks KTB Network’s second in the Indian startup industry, following a $3 million investment in NoBroker.com, a Bangalore-based real estate search portal operator, in 2016.
KTB’s investment in the Gurugram-based startup was part of a $200 million series F round led by SoftBank Vision Fund. Also joining the round were existing investors Tiger Global and Sequoia Capital. Grofers is expected to use the funding to build a supply chain.
The series F round has recently expanded, as the startup raised an additional $10 million from Abu Dhabi-based Capital Investment and $14.2 million from Singapore-based parent company Grofers International.
Founded in 2013, Grofers allows customers to place online orders for groceries, fruits and vegetables with mobile apps. Grofers currently operates in 13 cities across India.
KTB Network was Korea’s eighth-largest VC by assets under management as of end-2018. It operates 16 funds worth a combined 873.5 billion won ($744.2 million). It is a wholly-owned VC arm of Seoul-based brokerage house KTB Securities & Investment.
By Son Ji-hyoung (firstname.lastname@example.org)