Grofers co-founder Saurabh Kumar exits company
Grofers co-founder Saurabh Kumar has decided to exit the company but will continue as a Board member and shareholder in the online grocery delivery platform, according to CEO Albinder Dhindsa.
The news comes at a time when the SoftBank-backed company is planning to launch an initial public offering (IPO).
Dhindsa tweeted Friday that he spent the last 8 years building Grofers with Kumar and that ‘SK is moving on to other challenges.’
‘So, while SK will no longer be involved in day-to-day responsibilities at Grofers, he will continue to be a board member and a shareholder at the company. This is the end of an era for Grofers, and I know all of us will absolutely miss having him around every day,’ Dhindsa said in a blog post.
Kumar shared an e-mail he had addressed to employees declaring his exit. His next destination is unknown.
‘After almost 8 years of building Grofers, I have decided to call it time on my current Grofers journey…I have been reflecting on my life and personal ambitions for some time. And my decision to step away is the outcome of that. I want to wander again,’ he said.
Grofers has witnessed strong growth in business during the pandemic as containment measures pushed millions to the comfort of online shopping, and inspired seasoned online shoppers to buy more, including daily grocery items.
Social distancing restraints, extensive smartphone base, and strong broadband have stirred e-commerce uptake beyond metros, penetrating smaller cities and towns.
Last year, Dhindsa had stated the company has advanced its plan to launch an IPO by the end of 2021 as it proceeds to concentrate on improving customer experience and extending its capabilities in the segment.
Grofers competes against players like Amazon, Flipkart, Alibaba-backed Bigbasket, and billionaire Mukesh Ambani’s upstart JioMart in this segment.
India’s USD 950 billion retail market is expected to grow to USD 1.3 trillion by 2025-26. Of this, the e-commerce business is valued at around USD 78 billion and is expected to surpass USD 100 billion by 2025. Grocery is the latest category where e-commerce companies are now focusing on.
Reports suggest that Grofers is in discussions for a USD 100-120 million fundraise.
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