This is in addition to the US$40 million it has raised towards its Series B funding from the likes of Snapdeal, InnoVen and SAIF
India-based on-demand hyperlocal delivery startup PepperTap is in advanced talks with two VC funds based in India and the US to raise US$11 million more towards its Series B round of funding by the end of next month, Co-founder and CEO Navneet Singh told e27.
This is in addition to the US$40 million it has raised towards the same round in two tranches — US$36 million from Snapdeal, Sequoia India, SAIF Partners, Ru-Net, Beenext and JAFCO Asia (in September this year) and US$4 million from venture debt fund Innoven Capital (today).
The firm plans to utilise additional funding to strengthen the customer acquisition and backend supply chain and scale operations.
“We are in the final talks; the deal still yet to be signed,” Singh said in an interview with e27 on the sidelines of a press conference in Delhi. “The investors are more cautious now, so this additional funding is more of a cushion for us.”
Acquisition of Jiffstore
The firm has also announced the acquisition of Bangalore-based grocery delivery startup Jiffstore for an undisclosed sum.
As per the agreement, PepperTap will not venture into the same business as Jiffstore. While Jiffstore collaborates with merchants and fulfils orders and passes them on to the customers, PepperTap handles everything from taking orders to procuring supplies and making deliveries themselves.
PepperTap aims to use synergies with Jiffstore to build an excellent customer experience.
Post-acquisition, Jiffstore’s team will join PepperTap’s Gurgaon and Bangalore offices.
“We hope to utilise their talent pool and seek tech support from from them through this acquisition,” Singh said.
Jiffstore was started in 2013 by Shameel Abdulla, Satish Bharadwaj, Aswin Ramachandran and Sandeep Sreenath. The startup is backed by Unitus Seed Fund and Times Internet.
Launched in November 2014, PepperTap offers a wide-range of groceries and daily-need products. Currently, PepperTap offers more than 15,000 SKUs across categories including staples, food and dairy products, household items, fresh fruits and vegetables, etc.
The startup employs 2,500-plus people, and claims to be generating about 20,000 average transactions per day.
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