Gurgaon-based on demand grocery delivery platform Pepper Tap has raised $36 million (about Rs 239 crore) in series B funding from Snapdeal, Sequoia, SAIF, Russian internet and technology investor Ru-net, Japan’s JAFCO and Beenext, the new fund launched by Japanese e-commerce entrepreneur and investor Teruhide Sato.
The company is in advance talks to expand this round by another $20 million from US based investors. Before that PepperTap had raised $10 million series A from Sequoia capital and SAIF partners, including a seed round from Sequoia Capital . PepperTap is currently doing 15k-17k orders on daily basis.
Navneet Singh, Co-Founder and CEO of PepperTap tweeted about this funding . Navneet Singh, said, “PepperTap has been on a hyper-growth track since its inception nine months ago. From less than $1 million GMV run rate at the start of the fiscal year 2015-16, we are solidly on track to end the year with a GMV run-rate of over $250million. 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.”
1/2 Announcing our Series B funding, led by @snapdeal. Super support from @Sequoia_India and @SAIFPartners continues pic.twitter.com/sLkclOYqVV
— Navneet Singh (@peppertappernav) September 29, 2015
PepperTap focuses on grocery and vegetables. Delhi is their strongest market, followed by Hyderabad, Bengaluru and Pune. It has over 3,000 employees but expects to have more than 5,000 staff by the year end to support its operations.
Kunal Bahl, Co-Founder and CEO of Snapdeal, added, “We are excited to be entering 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 working closely with PepperTap to make them very successful, leveraging the capabilities we have built in Snapdeal’s ecosystem.”