UK online food retailer Ocado said it is in the final stages of raising around GBP40m (US$65.6m) as it targets a float on the stock exchange next year.

The privately-owned online grocer, which sells Waitrose‘s products online, is raising GBP20m from existing shareholders, and GBP20m in debt to recapitalise its balance sheet and continue to invest in the business.

This latest financing will take the total raised by Ocado to more than GBP350m over almost ten years.

Last month an Ocado spokesperson said the business was “aiming to do a float next year”.

The move comes as Ocado battles it out in the UK’s fast-growing online grocery channel with the likes of Tesco and Sainsbury’s.

It also recently became embroiled in an advertising spat with Tesco, with its larger rival accusing the business of “misleading” price claims.

Ocado has already secured investment from consumer goods giant Procter & Gamble, which bought a 1% stake in the business in November.

The online retailer is reportedly also talking to foreign groups about helping them to build an online home delivery food business in international markets.