"grofers"

According to TechCrunch, the proposed investment values the seven-year-old startup Grofers, which counts SoftBank as its largest investor, at over $1 billion.

The development comes at a time when the SoftBank-backed company is looking at launching an initial public offering (IPO). Dhindsa, in a tweet on Friday, said he spent the last 8 years building Grofers with Kumar and that "SK is moving on to other challenges".

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"We are on road to double our GMV every year and are aiming to hit Rs 10,000 crore in GMV by financial year 2021," Grofers founder Saurabh Kumar said.

As the festive season peaks, the company expects enhanced demand in categories like snacks, juices and other carbonated beverages led by the sentiment of celebration