PepperTap, a Gurgaon-based demand grocery platform has announced it raising $4 million as a part of Series B round of funding led by Innoven Capital. Last October, the company grabbed $36 million in Series B round led by Snapdeal and other companies. Along with this, the company also announced it acquiring Jiffstore, a hyper local grocery marketplace. Financial terms of the acquisition deal remains undisclosed.
Founded in 2014, PepperTap is a mobile-first hyperlocal grocery delivery service that offers on-demand grocery products to consumers. Run by Gurgaon-Nuvo Logistics, it functions in 18 cities across India and claims to deliver within two hours of receiving an order. It has launched a vendor app, one for retail chains and another for standalone vendors, which is soon to go live on Google Play Store. This vendor app would help the company take better decisions on stocks, quantities and inventory management. It has recently partnered with many other startups as a means to expand business and attract more new users.
With the current funding round, PepperTap has raised around $51.2 million, according to the company’s news release. Previously the company had raised $10 million in Series A round of funding from Sequoia Capital and SAIF Partners and a seed round from Sequoia Capital in 2014.
The recently acquired company Jiffstore seems to be acqui-hire to boost the PepperTap’s operations in Bengaluru. “PepperTap aims to use synergies with Jiffstore to build an excellent customer experience. The Jiffstore team will join us in Bengaluru and Gurgaon offices,” said Navneet Singh, CEO of PepperTap. Sources suggest that Jiffstore was looking at various top players including Grofers for a possible merger.
PepperTap competes with other grocery marketplaces like Grofers and ZopNow. Even the inventory-led firms like BigBasket, LocalBanya and EkStop, a mumbai-based e-grocery that was taken over by Godrej Nature’s Basket, also compete with PepperTap.