PepperTap, the on-demand hyper-local grocery delivery service has closed a Series B funding round of $36 million. The latest funding round was led by Snapdeal along with existing investors Sequoia India and SAIF Partners. The funding also saw participation from new investors like Ru-net, JAFCO, and BeeNext.
Additionally, PepperTap is in advance talks to expand this round by another USD 20 million from other financial investors. This second close is expected to happen in the next few weeks.
"From less than $1 million GMV run rate at the start of fiscal year 2015-16, we are solidly on track to end the year with a GMV run-rate of over $250 million. Investment by an established player like Snapdeal is a stamp on our asset-light, low burn business model and our execution track record,"" said Navneet Singh, co-founder and chief executive of PepperTap.
Till date, it has raised about $47 million from investors.
Though PepperTap hasn’t revealed much on the deal with Snapdeal, The Economic Times believes, the ecommerce company has invested $12-$15 million.
"We look forward to working closely with PepperTap to make them very successful, leveraging the capabilities we have built in Snapdeal's ecosystem," Snapdeal Co-founder and CEO Kunal Bahl said.