PepperTap raises $36 mn from Snapdeal, Sequoia, SAIF Partners and others
By Adam Devey Smith | September 30, 2015
Company in talks to raise another $20 mn
The funding also saw participation from new investors, including Ru-net, JAFCO, BeeNext.
It is also in talks to tap this round by another $20 million from other investors. This second close is expected to happen in the next few weeks.
Navneet Singh, Co-Founder and CEO, PepperTap, said that the company has been on a hyper-growth track since its inception nine months ago. "From less than $1 million Gross Merchandise Value (GMV) run rate at the start of 2015-16, the company is on track to end the year with a GMV run rate of over $250 million," he said.
"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," he said.
Kunal Bahl, CEO of Snapdeal added that 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," he said.
Shailendra Singh, managing director, Sequoia Capital India Advisors, said: "PepperTap is making exciting progress in building the most efficient hyper-local infrastructure to deliver a great user experience for grocery shopping. It's thrilling to see the incredible progress Navneet and team have made since Sequoia's seed investment and we're delighted to support them in their journey."
Ravi Adusumalli of SAIF Partners added: "Since our investments a short while ago, the team at PepperTap has done an extraordinary job of growing and establishing themselves as the clear leader in the hyperlocal grocery space. We believe that this is a massive market and our focus only on groceries will enable us to have the best customer service in the market."
The company is planning to utilise the money to expand its presence to 75 cities across India by the end of the current fiscal year. 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.