Grofers joins the unicorn club following funding frenzy

Softbank-backed online grocery delivery service Grofers has become a unicorn after successfully raising $120 million from online food delivery firm Zomato, according to a source privy to the development.

The companies got the approval of the Competition Commission of India (CCI) on August 13 to go ahead with the investment. Grofers joins the 21 startups that have gained the much-coveted tag this year following the funding frenzy in the domestic startup ecosystem.

Companies that became unicorns before Grofers include names like BharatPe,CoinDCX, BrowserStack, Zeta, Moglix and Urban Company, among others.