Saurabh Kumar who is the co-founder of the online grocery e-commerce platform Grofers has announced that he would be leaving from the company. In this article the let's look at the reason, Why Saurabh Kumar is leaving the company.
Grofers Cofounder – Latest News
The company was found almost 8 years back and Saurabh Kumar has been serving the company since then. He had conveyed it through an email that he had sent his employees.
He had conveyed to his employees that he will no longer continue in the company’s day to day functions but added that he would continue to be the shareholder and a board member of the company.
Saurabh Kumar on stepping away from Grofers
In the email sent to his employees, Saurabh Kumar had conveyed that when I look back into the past 8 years and consider what we have achieved I feel proud and said that they should also feel the same. He added that the company has gone through a lot of ups and downs and said that we have faced them together and have always come out of it together and stronger.
He added that all these were possible because of the hard work and sacrifices of the employees and said that whenever they had their backs to the wall, the support and strength of the employees had given him the courage and added that he doesn’t know a life outside Grofers.
Reason Saurabh Kumar is stepping away from Grofers
Saurabh Kumar had conveyed in the email that most of his learning and growth had happened in the company and added that he has been reflecting on his life and personal ambitions for a while. He conveyed that he wanted to wander again and the reason for stepping away from the position is considered to be the outcome of it.
He had also conveyed that he was looking forward to building something fun and exciting and conveyed that some things are cooking. He added that it would take some time and we will have to wait for it to take shape.
Albinder Dhindsa had conveyed that Kumar had been wanting to invest in his own personal evolution over the past 6 months. He also added that driving deeper had convinced him that there is another area where he could have a huge impact and that he could build it from scratch.
Albinder Dhindsa on Saurabh Kumar Stepping away
The co-founder and Chief Executive officer Albinder Dhindsa have conveyed that the exit of Saurabh Kumar from the firm is an end of an era for Grofers. He added that Kumar was an incredibly humble and grounded and had always reminded him of how fortunate and lucky he was to have built Grofers with him in a zone of no ego and no second guessing.
He added that Kumar is not only a co-founder but also a friend, support system, a brother and a family to him. He added that he was fully supportive of his decision and wherever that would lead him in his journey.
Future plans of Grofers
The exit of the co-founder from the company is when the e-grocer is close to having closing an investment deal with Zomato which is estimated to be around USD 100 million. The investment is considered to be part of a large financial round and is expected to value the online grocery firm at around USD 1 billion.
Grofers were in plans to list the company on the tech index Nasdaq but now the company has been said to have cancelled the plans of IPO and has decided to remain private. The move is considered to have come at a time where there is a huge competition and an increased demand in the market.
Saurabh Kumar still holds around 3.5 % in the firm and will still remain as one of the directors of the firm. He will not be part of the day to day activities of the company but will remain to be the shareholder and a member of the board of directors of the company.
Who invested in Grofers?
Zomato is in funding talks with Grofers to invest around USD 100 million.
When was Grofers founded?
Gofers was founded in 2014 by Albinder Dhindsa and Saurabh Kumar.
How do Grofers make money?
Grofers generates revenue through merchants. They charge a small percentage for every sale they get for them.