NEW DELHI: Registering strong growth in its online and offline businesses, online grocery platform Grofers plans to clock $1 billion in revenue by the end of the current financial year.
The Gurugram-based firm also aims to add 700 kirana stores to the network and increase the contribution of its G-brand to the total revenue.
“We are aggressively growing our business and aiming to clock $1 billion in revenue by the end of 2019 with a significant focus on our in-house brands. Our G-brands contribute 40 per cent to our current revenue, and we plan to increase it to 60 per cent in the coming years,” Grofers founder Saurabh Kumar told PTI.
According to Kumar, expansion to offline Kirana stores earlier this year has helped the company to expand penetration of the G-brands.
“We help partner stores optimise their operations and improve their profitability by accessing our supply chain and technology. We are now expanding into new markets and are aiming to partner with 50,000 offline stores in the next 30-36 months,” he said.
For quite some time, the Softbank-funded firm has been converting Kirana shops and supermarkets into own branded outlets to boost their products. Grofers currently has over 1,200 products spread across categories such as kitchen staples, FMCG products, personal hygiene products and household needs.
Grofers, which exited the hyperlocal delivery market three years ago, is pursuing profitability by consolidating its presence in the cities it operates and is also focusing on expanding its sales. The company is also gearing up to hit the capital market with an initial public offer within the next three years.
In May this year, Grofers raised over $200 million (Rs 1,400 crore) in funding, led by SoftBank Vision Fund, while in July it was reported that Abu Dhabi Capital Group had invested $10 million in the grocery firm.