PepperTap Closes Additional $4M in Series B; Announces Jiffstore’s Acquisition

Peppertap founders

PepperTap Founders: Navneet Singh (Left) and Milind Sharma (Right)

Celebrating its one year of operations, PepperTap, India based on-demand hyperlocal grocery delivery service, has made multiple annoucements. It has closed its Series B round of funding; with an additional $4 million from Innoven Capital, in addition to the $36 million raised recently from SnapDeal, Sequoia India, SAIF Partners, Ru-Net, Beenext & JAFCO Asia. Total fund raised by PepperTap now stands at around $51.2 million.

The company has also acquired Bangalore based hyperlocal grocery delivery startup, Jiffstore for an undisclosed amount. Jiffstore’s team will join PepperTap’s Gurgaon and Bengaluru offices. The company aims to use synergies with Jiffstore to build a better customer experience.

Additionally, in order to make its offerings better for its vendors, the digital grocer has launched a Partners App. The app will see two versions – one for organised retail chains and another for standalone vendors. By logging in, the business representatives will be able to see a comprehensive picture of their performance with PepperTap.

Gurgaon based firm had launched its operations on 26th November, 2014 with Milind Sharma and Navneet Singh as its Co-Founders. The duo had also founded logistics firm NuvoEx, post their stint at Delhivery. It has presence in 17 cities in the country.

The company sees Sequoia as a common investor with its rival company Grofers. The latter its Series C funding of $120 million in November 2015, which saw its valuation rising up to $300 million. Besides these two, the third (and relatively the oldest), grocery eCommerce firm BigBasket is soon to close $120 million in a fresh round at a valuation of $320 million. There are roughly 25 funded grocery delivery tech firms in the country at present, with BigBasket, Grofers and Peppertap leading the race in terms of external VC funding raised. The space has started to see consolidations already. Besides above mentioned Jiffstore’s acquisition, some of the other acquisitions this year include BigZop getting acquired by AutonCab and Grofers acquiring Mygreenbox.

  • Zimmer

    Is this good news ? $4 million so soon seems like a bridge round or a down round neither of which talks about a company in the best of health. And that too after the ~$35 million in Sep end !