PepperTap which raised $40mn in Series B last year (from Snapdeal, Sequoia, SAIF and others) has shutdown its grocery business.
We earlier reported the company was shutting down the business in Mumbai, Chennai and even laid off 400 employees in Feb, 2016.
PepperTap, owned by Nuvo Logistics (which also runs Nuvo Ex, the logistics arm) reported a total revenue of INR 19.5 crores in FY 14-15 with a net profit of INR 87 lacs (see Peppertap financial data). The revenue largely comes from its logistics arm and the company (after experimenting with grocery) is going back to its roots.
PepperTap : Badly Executed Grocery Business?
With only 3.6 rating in the app store, a quick look at PepperTap review suggests several issues – ranging not just from technology backend but delivery as well.
Who is next?