PepperTap, the on-demand hyperlocal grocery delivery service, has closed a Series B funding round of $36 million. The latest funding round was led by Snapdeal along with existing investors Sequoia India and SAIF Partners. The funding also saw participation from new investors like Ru-net, JAFCO, and BeeNext.
Additionally, PepperTap is in advance talks to expand this round by another USD 20 million from other financial investors. This second close is expected to happen in the next few weeks.
Speaking on the investment, Navneet Singh, Co-Founder and CEO, PepperTap, commented, “PepperTap has been on a hyper-growth track since its inception 9 months ago. From less than $1mn GMV run rate at the start of Fiscal Year 2015-16, we are solidly on track to end the year with a GMV run-rate of over $250mn. 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.”
Kunal Bahl, 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.”