• Ishaan kakkar

Grofers explores merger with Cantor Fitzgerald’s SPAC for Nasdaq listing

Online grocery seller Grofers is expected to raise $400-$500 mn through a public listing on Nasdaq by merging with New York-based Cantor Fitzgerald’s blank-check firm. A blank check firm also called a special purpose acquisition company (SPAC), is a development stage company with a business plan centred around a merger or acquisition with another company.

The company, which claims to have added over 5000 local store partners during the lockdown and subsequent months to meet the growing demand, also said it registered a 60% increase in its gross merchandise value (GMV), compared to pre-Covid-19 levels.

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