By Uday Sampath Kumar
(Reuters) – Grocery delivery startup Instacart raised an extra $271 million in November from investors including U.S. hedge fund Tiger Global Management, bringing its latest round of fund raising to $871 million, a source familiar with the matter told Reuters.
The San-Francisco-based startup announced last month it had raised $600 million in a new round led by D1 Capital, the brainchild of former Viking Global Investors chief investment officer Daniel Sundheim.
The additional $271 million came as a result of interest afterwards from a handful of other funds including Tiger Global, and existing Instacart investors Coatue Management and Valiant Capital, the source said, adding the deal had been filed in Delaware earlier this month.
Instacart has now raised a total of $1.87 billion, valuing the company at $7.87 billion, the source said.
The source could not confirm the break down of the stakes now held by each of the investors.
The San-Francisco-based company has been steadily growing in size and customer base as retailers including Walmart (NYSE:), Aldi Inc and Kroger (NYSE:) Co invest heavily in delivering Americans’ groceries direct to their doorstep.
Tiger Global’s best known investments include ride-sharing app Uber and Indian e-commerce site and Amazon (NASDAQ:) competitor Flipkart, which was bought by Walmart Inc earlier this year.
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