Gurgaon-based on-demand grocery delivery startup, PepperTap has closed its Series B round of funding with additional $4 Mn from Innoven Capital, in addition to the $36 Mn raised recently from Snapdeal, Sequoia India, SAIF Partners, Ru-Net, Beenext & JAFCO Asia.
This round takes total funding raised by PepperTap to around $51.2 Mn. Earlier in April, PepperTap had received $10 Mn Series A funding from SAIF Partners and Sequoia Capital. Prior to that, it had raised seed funding from Sequoia in February.
The startup has also acquired Bangalore-based Jiffstore for an undisclosed amount in a cash and stock deal. The move will help PepperTap to tap into Jiffstore’s talent pool and rely on it for technical prowess. Jiffstore team will join Peppertap’s Gurgaon and Bangalore offices.
Highlighting the significance of this alliance, Navneet Singh, co-founder and CEO, PepperTap said, “We have been reaching out to companies who can help us better our product offerings and boost customer experience. In this respect, Jiffstore seemed like an apt choice – they are an established name in Bengaluru with loyal customers and an ever increasing dealer base. We hope to utilise their talent pool and seek tech support from them through this acquisition.”
PepperTap will not venture into the same business as Jiffstore. While Jiffstore collaborates directly with the merchants and fulfil orders and passes on the customers, PepperTap handles everything from taking orders to procuring supplies and making deliveries, themselves.
Brainchild of four founders, Shameel Abdulla, co-founder, CEO, Satish Basavaraj, co-founder, CXO, Aswin Ramachandran, Co-founder, COO and Sandeep Sreenath, co-founder, CTO, Jiffstore enables grocery shopping in just a few clicks/taps on the phone. With the help of its mobile app (available on iOS and Android), Jiffstore allows customers to virtually browse through listed items, place orders and choose to get the supplies at their doorstep from any of its 120 partner stores.