Grofers advances IPO lisiting target to 2021-end
Grofers has advanced its plan to launch an initial public offer by the end of next year after its profitability path zoomed during the lockdown period. Grofers co-founder and CEO Albinder Dhindsa told PTI that the company started making operational profit in January and expects to become cash positive by the end of this year. "Our path to profitability has accelerated during the lockdown, and after achieving operational profitability in January, we are on track to become EBITDA and cash positive by the end of this year. We are observing market sentiments and aim to hit the capital market by the end of 2021," Grofers co-founder and CEO Albinder Dhindsa said. Earlier the company had plans to go public in 2022. The company closed the financial year with a revenue of around ₹2,500 cr and the valuation of Grofers is estimated to be close to ₹6,000 cr.