SoftBank-backed Grofers aims to clock gross merchandise value (GMV) of over Rs 200 crore during its ongoing Grand Orange Bag Days (GOBD) sale.

The company, which is running GOBD from January 19-27, said it has already crossed GMV of Rs 60 crore on the first day of the sale.

GMV is a term used in online retailing to indicate the gross merchandise value of the products sold through the platform over a certain period of time.

'We will exceed Rs 200 crore in GMV during the GOBD. On day 1, our GMV was Rs 60 crore with 76 lakh units being sold,' Grofers co-founder and CEO Albinder Dhindsa said.

He added that the company has unveiled a new cashback scheme during the sale called 'Orange Cash'.

'We wanted to reward consumers and drive repeat behaviour on their purchases. Using technology we analysed and created buyer patterns and preferences to develop the feature of Orange Cash. This new feature of Orange Cash will help us in driving loyalty for brands that customers regularly shop,' he said.

Dhindsa added that the platform has engaged with brands and FMCG companies for the new feature, and customers will be able redeem the earned Orange Cash on future transactions on Grofers till December 2019.

Grofers has previously stated that it aims to garner $2.5 billion (around Rs 17,500 crore) in revenue by 2020. It has a revenue run rate of over $360 million (about Rs 2,500 crore) currently.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.