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Grofers shelves plan for US listing via SPAC route - The Hindu BusinessLine
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Jaguar Health & Dragon SPAC Announce Initial Funding of US$10 8 Million into Dragon SPAC
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Synopsis
SoftBank Vision Fund-backed Grofers is expected to raise between $400 million and $500 million through the Nasdaq listing in May at a valuation of more than $1 billion.
ETtech
(Illustration: Rahul Awasthi/ETtech)
Mumbai:Grofers is in talks to make its public market debut through a merger with New York-based Cantor Fitzgerald’s blank-check firm, sources told The Economic Times, in what could be the first instance of an Indian startup taking this lesser-known route to tap funds.
The online grocer is expected to raise between $400 million and $500 million through the listing in May on the tech-heavy Nasdaq at a valuation of more than $1 billion, the sources said.
It’s reportedly in talks with New York-based Cantor Fitzgerald.
24 Feb, 2021 - 02:43 PM IST | By indiantelevision.com Team
NEW DELHI: E-grocery platform Grofers had indicated as recently as last month that it plans to expand beyond delivering your daily staples and into an all-encompassing e-commerce portal along the lines of Amazon and Flipkart. To this end, it opened sections like fashion and lifestyle; home accessories; appliances; books, stationery, toys and games; home furnishing and décor on its site.
Now, to sustain this growth momentum, Grofers is eyeing to raise $400-$500 million through a public listing on Nasdaq by merging with New York-based Cantor Fitzgerald’s blank check firm, the Economic Times reported Wednesday.
Grofers eyes Nasdaq listing, may fetch more than $1 billion valuation
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