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PepperTap digs up $40 million in Series B, acquires Jiffstore



Online grocery delivery platform PepperTap obtains Jiffstore as a part of its plans to boost the online grocery services. PepperTap has digged up $4 million (about Rs 26.5 crore) from Innoven Capital and hopes to raise an extra $11 million (about Rs 73 crore) by January-end.

The organization, which has raised $40 million (Rs ​265.32 crore) so far in Series B, tallies ecommerce firm Snapdeal, Sequoia India, SAIF Partners, Ru-Net, Beenext and JAFCO Asia among its speculators.  PepperTap CEO Navneet Singh said in an announcement they have shut the Series B round of subsidizing with an extra $4 million (Rs 26.5 crore) from Innoven Capital, notwithstanding the $36 million (Rs ​238.79 crore) raised from Snapdeal (around September), Sequoia India, SAIF Partners, Ru-Net, Beenext and JAFCO Asia.

In this way, PepperTap has had an aggregate fund raiser of about $51.2 million (Rs ​339.61 crore), he included. The one-year old organization has additionally obtained Bengaluru-based hyperlocal grocery delivery startup Jiffstore for an undisclosed sum. Jiffstore’s group of 40 employees will join PepperTap’s Gurgaon and Bengaluru workplaces. PepperTap expects to utilize cooperative energies with Jiffstore to construct an astounding client experience, Singh said.

While he didn’t unveil the extent of the arrangement, Singh said the exchange is a blend of money and stock. He discussed extension to different urban communities; Singh said the organization is focusing to fortify its vicinity in the urban areas of operation instead of including new urban areas. Singh included that the organization has seen the annualized gross stock worth (GMV) develop from $1 million (Rs ​6.6 crore) toward the start of the financial to $50 million (Rs 331.65 crore) as of now.

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