Grofers mulls US listing via merger
Grofers, an online grocer, is weighing a plan to go public in the US through a merger with a special purpose acquisition company (Spac), people familiar with the matter said.
The SoftBank Vision Fund-backed company is working with an adviser, one of the people said, asking not to be named as the information is not public. The grocer is seeking a deal that would value the firm at about $1 billion, another person said.
Deliberations are at an early stage and the company could decide not to proceed with the plan, the people said. A representative for Grofers declined to comment.
The Spacs trend is rapidly spreading beyond the US, with blank-cheque companies springing up in recent months to focus on targets in Asia, or with ties to the region. James Murdoch and former president of Walt Disney Asia Pacific Uday Shankar are seeking a blank-cheque vehicle to acquire Asian companies, Bloomberg News reported this week.
Grofers sells grocery and daily household products from cooking oil to Indian spices to shoppers in more than 27 cities, according to its website. Its eight inhouse brands make up the majority of the products it sells to the roughly three million people who have downloaded its app.
SoftBank's Vision Fund led an investment round of more than $200 million into the company in 2019, along with Tiger Global, Sequoia Capital and KTB.
In a post-earnings presentation on Tuesday, SoftBank Group Corp founder Masayoshi Son said the company may see 10 to 20 public listings a year from its portfolio of 164 startups.
Racing Team India will take its first step on the road to the 24 Hours of Le Mans this weekend when it makes its debut at the season-opening round of the Asian Le Mans Series in Dubai.
The all-Indian squad of Narain Karthikeyan, Arjun Maini and Naveen Rao will compete in the LMP2 category over two, four-hour-long races at the Dubai Autodrome on Saturday and Sunday before the series moves to Abu Dhabi’s Yas Marina circuit for another round of two, four-hour races on February 19 and 20.
Racing Team India’s Dubai debut will make it
the first outfit with an allIndian driver line-up to compete in international endurance racing. If it secures an invitation to the 24 Hours of Le Mans in June, it will become the first Indian team to take part in the iconic endurance classic at the
Circuit de la Sarthe in
France.
“Le Mans is like the whole Formula One championship in 24 hours. It’s all about endurance, preserving the car and getting a great set up and work as a team. The pitstops need to be right, the driver changes, et al. The challenges are so many including driving at night at the speed of 300km every lap. It is the toughest race in the world without a doubt,” Karthikeyan told a press conference on Thursday.
“We are all experienced but nothing prepares you for Le Mans. Anything can happen but it’s a great challenge and we’re up to it. To represent India is a very proud moment for all of us. I have flown the flag for our country across various motorsport disciplines from Formula One to NASCAR and SuperGT racing. I’ve raced at the 24 Hours of Le Mans once before, and it was an incredible experience,” Karthikeyan added.
“As for the weekend ahead, I’m looking forward to it. Our package has also been quick through testing. There’s a lot of speed in the car and I’m confident we can deliver a strong result on our debut,” Karthikeyan said.
“This is a phenomenal step ahead,” said Sanjay Sharma, Head-Motorsport, JK Tyre, which is one of the team partners.
“At JK Tyre we have been steadfast supporters of Indian motorsport over many decades. We are confident Racing Team India has what it takes to be successful and race at Le Mans which would deliver the breakthrough that Indian motorsport needs,” he added.