Grofers co-founder Saurabh Kumar exits co, will continue as board member
Grofers co-founder Saurabh Kumar has decided to leave the company but will continue to remain a Board member and shareholder in the online grocery delivery platform, according to CEO Albinder Dhindsa.
The development comes at a time when the SoftBank-backed company is looking at launching an initial public offering (IPO).
Dhindsa, in a tweet on Friday, said 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 everyday,” Dhindsa said in a blogpost.
Kumar shared an e-mail he had written to employees announcing his exit. His next destination is not known.
“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 seen a strong growth in business amid the pandemic as containment measures introduced millions to the convenience of online shopping, and prompted seasoned online shoppers to buy more, including everyday grocery items.
Social distancing compulsions, massive smartphone base and reliable broadband have galvanised e-commerce uptake beyond metros, deep into smaller cities and towns.
Last year, Dhindsa had said the company has advanced its plan to launch an IPO by the end of 2021 as it continues to focus on enhancing customer experience and strengthening its capabilities in the segment.
Grofers competes against players like Amazon, Flipkart, Alibaba-backed Bigbasket and billionaire Mukesh Ambani’s upstart JioMart in this space.
India’s USD 950 billion retail market is predicted to grow to USD 1.3 trillion by 2025-26. Of this, e-commerce business is estimated at around USD 78 billion and forecast to cross USD 100 billion by 2025.
Grocery is the latest category where e-commerce firms are now slugging it out.
Reports suggest that Grofers is in talks for a USD 100-120 million fund raise.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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