Grofers co-founder and CEO Albinder Dhindsa said Grofers has been witnessing over 30% month-on-month growth
New Delhi: Soft Bank-backed Grofers aims to garner $2.5 billion (around 17,500 crore) in revenue by 2020 as it scales up its private label offerings in the country and focuses on expanding repeat purchases in its platform. The company, which has recently completed five years of its operations, has a revenue run rate of $360 million (about Rs2,500 crore) currently.
Speaking to PTI, Gofers co-founder and CEO Albinder Dhindsa said Grofers has been witnessing over 30% month-on-month growth.
“While we do not sell gourmet products that usually offer higher margins, we have been able to create a set of dedicated customers that usually promote our brand as well… We will continue to ramp up our business and we aim to clock $2.5 billion revenue by 2020,” he said.
Outlining the expansion strategy, Dhindsa said about 40% of the selection on its platform now comprises of private label products.
“There are a number of local manufacturers, who have great products but can’t compete with the FMCG giants and therefore, their products often don’t find shelf space in retail stores…we continue to grow the number of manufacturers that we work with,” he said.
He further explained that putting these private labels on its own platform has helped the company provide aspiration products like muesli, peanut butter at more affordable prices.