Grofers Advances IPO Plans For 2021 and Eye For Profitability This Year

Looks like 2021, which is getting hailed as the worst year yet turned out to be really profitable for Grofers which is an Indian grocery delivery company as they have claimed. Reportedly they have made a significant profit because of the lockdown caused by the pandemic and they are now all set to take things to the next level.

As the company witnessed a petty great spike during the pandemic, they are thinking about advancing their plans for the next year and looking for more profit this year as well. The company is backed by Softbank and they are looking towards going public in the year 2021.

The company’s initial plans included going public in 2022 but due to the great profit they earned this year, their plans have advanced now. The CEO of the company,

Albinder Dhindsa said that since the beginning of the year in January 2020, the company started making great growth financially also turned out to be operationally profitable and now they are looking forward to becoming EBITDA and cash positive by the end of this year.

“As an organization, we have always channeled our efforts towards providing value to our customers. And, we will continue to do so by staying true to our brand promise of low prices through our focus on building an efficient supply chain and technology-driven innovations,” Dhindsa added

Forrester Research which is a US-based market research company estimated that Grofers is mostly likely to make $3 billion worth sales at the end of the year as compared to last year’s $1.7 billion and represents a 76% hike.