Gurgaon-based mobile-first hyperlocal grocery delivery services startup, PepperTap, has raised Series B funding round of $36 Mn led by Snapdeal and existing investors Sequoia India and SAIF Partners.
The funding also saw the participation from new investors including Ru-net, JAFCO and BeeNext.
Besides, PepperTap also in advanced talks with other financial investors to expand this round by another $20 Mn in few weeks.
Navneet Singh, co-founder and CEO, PepperTap, said, “PepperTap has been on a hyper-growth track since its inception. From less than $1 Mn GMV run rate at the start of Fiscal Year 2015-16, we are solidly on track to end the year with a GMV run-rate of over $250 Mn. Investment by an established player like Snapdeal is a stamp on our asset-light, low burn business model and our execution track record. We look forward to leveraging Snapdeal’s experience to help our partner stores develop their capabilities and multiply their sales.”
With the newly introduce capital, PepperTap is expecting to increase its team with more than 5000 staff to support its operations and expand its presence to 75 cities across India by this year end. The company also plans to invest heavily in strengthening its technology and supply chain capabilities.
Kunal Bahl, CEO of Snapdeal who is the new investor in hyperlocal grocery startup, added, “We are excited to enter into a strategic partnership with PepperTap. Navneet and his team have done a phenomenal job in building PepperTap into India’s leading grocery ordering platform. We look forward to work closely with PepperTap to make them very successful, leveraging the capabilities we have built in Snapdeal’s ecosystem.”
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.