Ocado raises 1.1 billion euros
British online supermarket Ocado has plans to raise over 1 billion pounds (1.12 billion euros) in capital. The company wants to further expand its online grocery delivery business.
Online grocery market is booming. While deciding to pursue the capital raise, the company considered multiple factors. One of them is that the online grocery market is showing a significant acceleration. Data from Nielsen shows that in the United Kingdom, online penetration has almost doubled in recent months to 13 percent of the UK grocery market.