On-demand hyperlocal grocery delivery service PepperTap has received an additional USD4 million from InnoVen Capital as part of a series B funding round which is now closed after raising a total of USD40 million.
In September this year, the company raised Series B funding round of USD36 million led by Snapdeal along with existing investors Sequoia India and SAIF Partners and new investors like Ru-net, JAFCO, and BeeNext. The company has said then that it is in advance talks to expand this round by another USD 20 million from other financial investors.
With this, PepperTap has so far raised about USD51.2 million, according to an official release.
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.
Additionaly, the company said that it has taken over Bengaluru-based hyperlocal grocery delivery startup Jiffstore for an undisclosed amount. Jiffstore’s team will join PepperTap’s Gurgaon and Bengaluru offices.It has also entered into marketing tie-ups with other startups to collaborate on cross-marketing activities to offer attractive gifts for the users.