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PepperTap raises USD 36 mn in Series B funding, additional USD 20 mn expected

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On-demand hyperlocal grocery delivery service PepperTap has closed a Series B funding round of USD36 million. The latest funding round was led by Snapdeal along with existing investors Sequoia India and SAIF Partners, the company said.
The funding also saw participation from new investors like Ru-net, JAFCO, and BeeNext. Also, the company 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.
“PepperTap has been on a hyper-growth track since its inception 9 months ago. From less than USD1mn 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 USD250mn. 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,” Navneet Singh, Co-Founder and CEO, PepperTap, said.
Earlier, in an interview with Indiaretailing, Singh divulged plans to raise series B funding and expand in tier II cities.
Read: After Grofers, PepperTap to target tier II cities
http://www.indiaretailing.com/7/42/43/13553/After-Grofers-PepperTap-to-target-tier-II-cities
With the infusion of fresh funds, PepperTap plans to expand its presence to 75 cities across India by the end of the current fiscal year, the company said.
The company also plans to invest heavily in strengthening its technology and supply chain capabilities. PepperTap expects to have more than 5,000 staff by year end to support its operations.
“We look forward to working closely with PepperTap to make them very successful, leveraging the capabilities we have built in Snapdeal’s ecosystem,” Kunal Bahl, Co-Founder and CEO of Snapdeal said.
The startup raised seed funding from Sequoia Capital earlier this year, which was followed by a $10 million round from SAIF Partners and Sequoia Capital in April.

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