India-based hyperlocal grocery delivery service PepperTap, backed by e-commerce companies Snapdeal and Beenos, has closed its series B round at $40m, according to Hindu Business Line.
The $4m extension was provided by Innoven Capital, a subsidiary of Singapore’s sovereign wealth fund Temasek
PepperTap raised an initial $36m in September 2015 in a round co-led by Snapdeal, Sequoia India and SAIF Partners. Beenext, a $60m fund backed by Beenos, and investment firms Jafco and Ru-Net also participated in the first close.
At the time, the company expected to secure an additional $20m for the round.
Concurrently, the company revealed it had acquired India-based mobile commerce platform JiffStore Software Labs, backed by media company Times Internet. JiffStore had secured an undisclosed sum in a June 2015 round featuring Times Internet and investment firm Unitus Seed Fund, which previously supplied an undisclosed amount of seed funding in May 2014.
Founded in 2013, PepperTap operates a platform for consumers to order food from local stores and have the produce delivered within two hours. PepperTap collects the products from the shops rather than keeping its own inventory.
PepperTap obtained $10m in a series A round featuring SAIF and Sequoia in April 2015, a month after Sequoia had invested $1.2m in seed funding.