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PepperTap raises $10 mn from SAIF Partners, Sequoia Capital

Mobile first
hyper-local grocery delivery service PepperTap has raised $10 million from SAIF
Partners and Sequoia Capital. The company will use the money
to expand to 10 more cities in the country by 2015 end.

Mobile first
hyper-local grocery delivery service PepperTap has raised $10 million from SAIF
Partners and Sequoia Capital. The company will use the money
to expand to 10 more cities in the country by 2015 end.

Two months back,
the Gurgaon-based company had raised an undisclosed amount in seed round from Sequoia Capital. Back then,
we had reported that the company was in advance stages to close its next round
of funding which is around $10 million.

Founded in 2014
by Navneet Singh and Milind Sharma, who were previously employed with another
startup Delhivery, PepperTap allows a user to buy grocery, fruits &
vegetables through the company’s app. The company claims to offer delivery in
under 2 hours and offers free delivery on order above Rs 250. The company
connects directly with the local vendors and supermarkets to provide
necessities to the public.

Currently it
offers more than 15,000 products across categories, including staples, food and
dairy products, household items, and fresh fruits and vegetables.

“This investment
will help us iron out any chinks in our armour, and build on our strengths to
take our business from a single-city operation to a pan-India scale,” said Navneet
Singh, Co-Founder, PepperTap.

“We agreed to
invest in Peppertap even before the name was finalised, and before the first
engineer was hired. We liked Navneet so much and had such great chemistry that
we felt we could partner with him to solve a very tough problem in a very large
market,” Shailendra Singh, managing director, Sequoia Capital India Advisors said.

“Grocery in India
is a huge market and grocery shopping on mobile is already seeing strong
adoption. We believe that PepperTap’s hyperlocal marketplace approach is the
most efficient way to cater to this market, and can scale very rapidly,” Ravi
Adusumalli, managing director, SAIF Partners added.

Earlier this year, BigBasket.com, a Bengaluru-based online grocery store had
also announced that it is in final talks to raise around about Rs 100 crores
from Venture Partners. Recently, Grocery retailer Godrej Nature’s Basket had acquired
online grocer Ekstop
at a deal value of Rs 30-40 crore. Recently, Godrej
Group’s gourmet food retailer Godrej Nature’s Basket said that they plan to
launch an e-commerce
marketplace
soon in cities where its stores are not present.

 

 

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