BackPepperTap raises $10 million from SAIF Partners, Sequoia Capital
The company will use the money to expand to 10 more cities in the country by 2015 end
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New Delhi: Grocery delivery service PepperTaphas raised $10 million from SAIF Partners and Sequoia Capital, the firm said in a statement. It will use the money to expand to 10 more cities in the country by 2015-end.
Launched in November 2014, Gurgaon-based PepperTap offers more than 15,000 products across categories including staples, food and dairy products, household items, and fresh fruits and vegetables.
“Grocery in India is a huge market and grocery shopping on mobile is already seeing strong adoption. We believe that PepperTap’s hyperlocal marketplace approach is the most efficient way to cater to this market, and can scale very rapidly," said Ravi Adusumalli, managing director, SAIF Partners.
PepperTap services parts of Delhi and Gurgaon, and in the next few months, plans to expand deeper into National Capital Region (NCR), Pune, Hyderabad, Bengaluru and Mumbai.
“This investment will help us iron out any chinks in our armour, and build on our strengths to take our business from a single-city operation to a pan-India scale," said Navneet Singh, co-founder, PepperTap.
The firm currently employs 100 people in Delhi and will increase headcount to 500 over the next four months across the country, said Navneet Singh.
Apart from mom-and-pop stores, PepperTap is in talks with retail chains to be part of its grocery delivery network.
“We agreed to invest in Peppertap even before the name was finalised, and before the first engineer was hired. We liked Navneet so much and had such great chemistry that we felt we could partner with him to solve a very tough problem (delivery issues in hyper local businesses such as grocery) in a very large market," said Shailendra Singh, managing director, Sequoia Capital India Advisors.
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