Gurgaon based mobile grocery delivery startup PepperTap to raise $60 million in Series B round of funding, sources directly familiar with the matter told iamWire. Further the sources confirmed that the deal would be closed in a week’s time with its existing investors SAIF and Sequoia Capital participating in this round, along with a couple of new foreign investors coming onboard.
However, PepperTap’s Co-Founder, Navneet Singh refused to comment on the company’s present valuation and future plans with the raised amount. In April 2015, it had secured $10 million series A funding from Sequoia Capital and SAIF Partners.
Founded in 2014 by Navneet Singh and Milind Sharma, the company is an on-demand grocery delivery service in India that allows a user to buy grocery, fruits & vegetables through the company’s app, that is available for Android and iOS users.
The company’s service is live in Delhi/ NCR, Pune, Hyderabad, Bangalore and is about to launch its services in tier-2 cities that include Ahmedabad, Surat, Jaipur, Chandigarh, Lucknow and Kolkata.
The online grocery startup is competing with other players like ZopNow, Grofers, BigBasket and other grocery startups. It shares Sequoia as a common investor with Grofers, which has raised $45.5 million in 3 rounds from Tiger Global Management and Sequoia Capital.