At a time when online grocers are in the pink of their business and aggressively ramping up employee strength, Saurabh Kumar, co-founder of SoftBank backed grocery etailer, Grofers has decided to step down from his role even as the company is reportedly preparing for an IPO (initial public offering).
“After almost 8 years of building Grofers, I have decided to call it time on my current Grofers journey,” Kumar said in his farewell email.
“I have been reflecting on my life and personal ambitions for some time. And my decision to step away is the outcome of that,” he added.
Kumar will continue to be a board member and a shareholder at the company, Albinder Dhindsa, co-founder of Grofers said in a blogpost on Friday.
Dhindsa also tweeted “I've known @skgrofers for 14 years and I've spent the last 8 years building @grofers with him. Today, SK is moving on to other challenges and I wish him the very best. It has been an honour and a delight.”
I've known @skgrofers for 14 years and I've spent the last 8 years building @grofers with him. Today, SK is moving on to other challenges and I wish him the very best. It has been an honour and a delight.— Albinder Dhindsa (@albinder) June 18, 2021
A farewell: https://t.co/z2mUVNu4p5
Kumar's exit comes at a time when IPO-bound Grofers is reportedly looking to raise $100 million from food delivery major Zomato. According to The Economic Times, the investment is likely a part of a larger round and may help Grofers become a unicorn with a valuation of $1 billion.
Kumar and Dhindsa founded Grofers in 2013. The Gurugram-based company’s order volumes grew more than 2X during the second wave of Covid-19 lockdown.
Grofers last raised funds in March 2020, when its Singapore-based parent company Grofers International signed a cheque of $5.8 million.
The company was reportedly in talks with its largest investor SoftBank and other existing investors to raise $55-60 million. In May 2019, Grofers raised more than $200 million in a funding round led by SoftBank Group Corp for geographical expansion.