iWorld

PepperTap eyes $56 million in funding; raises $36 mn from Snapdeal & others

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/smartcrop_800x800/public/images/internet-images/2015/09/29/Untitled-1_0.jpg?itok=4fLLyd1_

MUMBAI: The e-commerce business is attracting funding galore in India. In a bid to boost its expansion plans, nine month old on-demand hyperlocal grocery delivery service PepperTap is eyeing to raise funds to the tune of $56 million. While the company has closed a Series B funding round of $36 million from multiple investors, it is also in advanced talks with financial investors to close another round of an additional $20 million, which is expected to close in the coming few weeks.

The latest funding round of $36 million 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.

With the infusion of fresh funds, PepperTap plans to expand its presence to 75 cities across India by the end of the current fiscal year. The company also plans to invest heavily in strengthening its technology and supply chain capabilities. PepperTap expects to have more than 5,000 staff by year end to support its operations.

PepperTap co-founder and CEO Navneet Singh said, “PepperTap has been on a hyper-growth track since its inception nine months ago. 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. We look forward to leveraging Snapdeal’s experience to help our partner stores develop their capabilities and multiply their sales.”

Snapdeal co-founder and CEO Kunal Bahl added, “We are excited to be entering into a strategic partnership with PepperTap. Navneet and his team have done a phenomenal job in building PepperTap into India’s leading grocery ordering platform. We look forward to working closely with PepperTap to make them very successful, leveraging the capabilities we have built in Snapdeal’s ecosystem.”

Sequoia India MD Shailendra Singh said, “PepperTap is making exciting progress in building the most efficient hyper-local infrastructure to deliver a great user experience for grocery shopping. It’s thrilling to see the incredible progress Navneet and team have made since Sequoia India’s seed investment and we're delighted to support them in their journey.”

SAIF Partners' Ravi Adusumalli added, "Since our investments a short while ago, the team at PepperTap has done an extraordinary job of growing and establishing themselves as the clear leader in the hyperlocal grocery space. We believe that this is a massive market and our focus only on groceries will enable us to have the best customer service in the market."

Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/12/Manav_Sethi_0.jpg?itok=KqWggyLS
Regional content on ALTBalaji to constitute 15% of show hours

MUMBAI: The year 2017 has witnessed the phenomenal growth of regional languages, such as Tamil, Telugu, Malayalam, Gujarati, Marathi and Bengali, over Hindi and English. OTT players like ALTBalaji, Viu, Amazon, SonyLIV, Voot, Hotstar, Netflix, and YuppTV have taken a deep dive into offering...

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/11/manav.jpg?itok=RDQizBci
Mastiii and PEN tie-up for win-win deal

Mastiii is all set to make a mark in the mobile app industry. The channel will soon expand its digital footprint via an exclusive content association with PEN India and will be available on its latest, Bollywood Times Mobile App, a one-stop destination for entertainment needs starting 9 December...

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/11/eros.jpg?itok=0TSKcW1T
Focus shifts to online streaming for Eros

Mumbai: Production and distribution company Eros International no longer wants to be a film studio but a digital content company.

iWorld Video On Demand
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/09/apple.jpg?itok=amHakryx
Apple to acquire Shazam

Apple is making another big move this year. The Cupertino-based company is acquiring Shazam to bolster its music services. According to TechCrunch, Apple is all set to buy the popular music-recognition app in a nine-figure deal that could be valued around $401 million.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/09/kalari-kids.jpg?itok=USGGmcEz
Green Gold, Amazon Prime put Kerala martial art on the map

MUMBAI: Green Gold Animation is rediscovering Kalaripayattu, a lost martial art form of Kerala. With the purpose to educate through entertainment, the animation studio is making an exclusive series for Amazon Prime titled Kalari Kids. The series will be launched around Christmas with 20 episodes...

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/08/vb.jpg?itok=sbWXsKb-
Vikram Bhatt to launch OTT platform on 27th Jan

MUMBAI: Finally, the launch date for director-producer Vikram Bhatt’s over-the-top (OTT) service is out. One of the latest entrants in the digital entertainment space, the OTT platform, titled VB on the Web, will begin services on 27 January 2018.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/06/Vijay-Koshy_2.jpg?itok=KSjqXNhd
BigRock and Neustar tie up with TVF to promote the .biz extension

MUMBAI: BigRock in association with Neustar, operator of the global registry for .biz and .co has tied up with The Viral Fever (TVF) for their first ever video content partnership. With their association, BigRock and Neustar, will address the market jointly through the campaign, highlighting the...

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/06/rajesh-iyer.jpg?itok=Sd92Gmcd
YuppTV appoints Rajesh Iyer as COO for APAC, Middle East

MUMBAI: YuppTV has roped in Rajesh Iyer as the chief operating officer for Asia Pacific (APAC) and Middle East. A seasoned executive, Iyer has more than 16 years of experience leading functions and business with leading names in the broadcast media domain, including ZEEL, Viacom 18 and Star India....

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/06/tripling_0.jpg?itok=nwkUDctI
The Viral Fever wins big at 22nd Asian Television Awards

MUMBAI: The Viral Fever, creators of the web content in India and makers of the series “TVF Pitchers”, “Permanent Roommates” have added another feather to their cap! Their original web series TVF Tripling which released last year has bagged the award for the best scriptwriting for web programme/...

iWorld Over The Top Services

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories