As opposed to other entrepreneurs, Albinder Dhindsa had no intention of becoming an entrepreneur. Grofers is a unique and effective business idea that he came up with as an accidental entrepreneur who saw a gap and potential in logistics.
Unlike other Entrepreneurs, Albinder Dhindsa had no intentions of getting into the Entrepreneurial Wagon. He came out as an accidental entrepreneur who saw a big gap and potential in the logistics industry and decided to solve it with his unique and effective business idea named Grofers.
After completing his graduation from IIT and Master's from Columbia University, Albinder was happily working in his 9 to 5 high-paid job at Zomato until he saw a great business opportunity for himself and began working on his ambitious project- Grofers. Being a first generation Entrepreneur, Nobody thought that Albinder would be able to manage his foot in this Entrepreneurial world. But with his problem-solving approach, he converted his ambitious project into a million-dollar startup.
How did the journey of Grofers begin?
It all started out while Albinder Dhindsa was in the US! Albinder and Saurabh spotted a few loopholes within the logistic marketplace and noticed that the maximum of the transactions between purchasers and nearby merchants have been unorganized and wanted improvement. The entrepreneur duo named the start-up One Number.
The idea changed to creating a one-stop solution for consumer’s nearby transport needs. With competition in the marketplace like Zomato, they started starting at that most of the orders had been coming from pharmacies and grocery shops, and very few from restaurants. Albinder Dhindsa and his partner realized the need to confine their commercial enterprise to only grocery and pharmacy.
Subsequently, they rebranded themselves as Grofers – A hyper-local logistics network. Like other startups, When Albinder Dhindsa and Saurabh Kumar started on their idea, they faced many struggles and challenges one in every of which being – growing attention! Gradually, by offering pleasant service, they began to gain customer loyalty, and their kitty started getting bigger.
The phrase began to unfold, and in a matter of few months, things began to boost very quickly, they began seeing plenty of traction from local merchants and were now remaining kind of 500 deliveries an afternoon. In the following few months, Grofers increased to including seven stations to their kitty, had been gratifying more than 3000 orders according to week, and had also been signing new clients as nicely.
Within three months of taking off, they had reached a stage wherein they were processing orders worth Rs. Eight lakhs. With a growing number each day, they decided to make it more handy and useful for customers and came out with its mobile application. Grofers Funding & Investors: Grofers controlled to acquire its first funding, which turned into 500 thousand dollars in the yr of 2014.
It became in 12 months in 2015; the business enterprise went on to elevate $ 10 million in its Series A funding from the company Tiger Global Management. In the same year, Grofers managed to draw an investment of $35 Million in its Series B spherical of investment. Subsequently, the enterprise persisted in attracting funding from numerous traders within the following years of its operations.
Grofers largest funding to date has come from SoftBank which become amounted $220 Mn. Given below is the listing of buyers that have over the years furnished investment to Grofers. Cyriac Roeding Roeding Ventures Tiger Global Management How Albinder Dhindsa Overcame The Loss By Changing the Business Model Of Grofers: Initially, Grofers began as a B2B (Business 2 Business) model.
At the cease of 2015, the company was at a loss of Rs. 225 Crores on sales of the most effective 14.3 Crores, and Albinder Dhindsa found out the primary cause behind it. The problem lay in a complex and fragmented supply chain. It changed into growing problems in delivery consistency, and to resolve this; there was a need to establish its own supply chain.
The concept was to have Grofers’ own warehouse and supply chain management. It needed a whole lot of investment. At the preliminary level, no investor wanted to get into a business that was no longer making an awful lot of earnings. Gradually, Dhindsa and his companion by hook or by crook convinced traders and they set up 60,000 sq. The business began scaling up in February 2017.
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