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PepperTap raises $4 million from Innoven Capital



PepperTap raises $4 million from Innoven Capital

New Delhi: PepperTap, an online grocery delivery platform has raised $4 million (around Rs 26.5 crore) from Innoven Capital. By January end 2016, they are expected to receive an additional $11 million (about Rs 73 crore).

So far, in Series B, the company has raised $40 million (Rs ​265.32 crore) so far. Snapdeal, Sequoia India, SAIF Partners, Ru-Net, Beenext and JAFCO Asia are among its other investors.

“We have closed our Series B round of funding with an additional $4 million (Rs 26.5 crore) from Innoven Capital, in addition to the $36 million (Rs ​238.79 crore) raised from Snapdeal (around September), Sequoia India, SAIF Partners, Ru-Net, Beenext and JAFCO Asia,” PepperTap CEO Navneet Singh told Press Trust of India.

PepperTap has till now raised around $51.2 million (Rs ​339.61 crore).

“When we announced the funding from Snapdeal and others (of $36 million), we had said we will raise another $15 million (Rs 99.50 crore). Innoven has invested in us and we are in discussion for $11 million (Rs ​72.96 crore). This should be announced in a month’s time”, he said.

The company which is a year old has acquired Bengaluru-based hyperlocal grocery delivery start-up Jiffstore for an undisclosed amount.

“Jiffstore’s team of 40 people will join PepperTap’s Gurgaon and Bengaluru offices. PepperTap aims to use synergies with Jiffstore to build an excellent customer experience,” Singh said.

The transaction amount between the two start-ups was not revealed but is said to be a mix of cash and stock. Talking about expanding into other cities, Singh said the company is focussing to strengthen its presence in the cities of operation rather than adding new cities.

“We have seen good growth across cities. We have grown from 27 orders a day in January to 20,000 orders daily by October. About 55% are repeat buyers. However, we think it is better to add more depth than to expand breadth. Our target is to get to 80,000-90,000 orders daily by the end of next year”, he said.

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