After its successful launch last November and a $1.2 million Seed round on March 10, PepperTap, a startup which aims to become the Fresh Direct of India, raised $10 million in Series A financing from SAIF partners and Sequoia Capital (the latter having led the seed round as well).
PepperTap was founded and conceptualized by Navneet Singh and Milind Sharma in May of 2014. They launched their Webb app in December of last year an their IOS app in February.
“Grocery in India is a huge market and grocery shopping on mobile is already seeing strong adoption,” SAIF Partners managing director Ravi Adusumalli said in a statement. “We believe that PepperTap’s hyperlocal marketplace approach is the most efficient way to cater to this market, and can scale up very rapidly.”
PepperTap is not the only app based service for the grocery industry in India to receive investment recently. Zopnow also announced that it raised $10 million this week from Dragoneer Investment Group, along with Accel Partners, Qualcomm Ventures and Times Internet. Grofers also announced $35 million dollars in additional investment, although it doesn’t focus singularly on grocery deliveries.
PepperTap intends to be competitive by offering the fastest store to door delivery, currently promising two hours.
AgFunder Co-Investment Fund III is now open for investment. Closing June 15, Spots are limited.
In an interview with Techcrunch last month, Navneet Singh said that PepperTap does not keep its own inventory, instead focusing on creating online catalogs for stock from local retailers and training delivery staff to provide quick service on scooters or bicycles.
The company plans to use the funding round to expand its delivery capabilities and does not intend to branch into overlapping areas, in an effort to remain focused and streamlined on its goals.
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