Funding · Commerce & Consumer Brands
Blitz raises ₹28.7 crore in pre-Series B round
By Startup Enthusiast ·
- Date
- Company
- Blitz
- What it does
- Quick-commerce delivery enabler
- Kind
- Funding
- Amount
- ₹28.7 Cr
- Stage
- Pre-Series B
- Based in
- Bengaluru
- Founded
- 2020
What they do
Blitz helps online brands promise deliveries within ten minutes, an hour, the same day or the next day, using dark stores and fulfilment centres
What happened
Existing backer IvyCap Ventures led this round, with ICMG Group, Vishal Dhupar and other angels also writing cheques, according to company filings
Why it matters
The valuation is estimated near ₹440 crore, about 2.5 times the last round, and more money may still be added
The details
- Blitz raised ₹28.7 crore in a pre-Series B round.
- IvyCap Ventures put in ₹12.7 crore and led the round.
- ICMG Group invested ₹4.75 crore and Vishal Dhupar ₹2.5 crore.
- Other angel investors supplied the remaining money.
- Shares issued are compulsorily convertible preference shares (CCPS).
The bigger picture
- Money is meant for growth, expansion and general corporate needs.
- Valuation rose about 2.5x since the last round.
- More capital may be raised in the same round.
About the business
- Blitz sells same-day and next-day delivery for online orders, from 10-minute quick delivery to next-day shipping.
- Its customers are online brands and sellers (D2C, meaning brands that sell straight to shoppers); the company says 100+ brands use it.
- It earns by charging brands for delivery and fulfilment (storing stock near buyers and moving it to them).
- Stock is placed in city hubs close to demand, which the company says cuts returns to the seller (RTO, return to origin).
- It runs in 14 cities including Mumbai, Bengaluru, Delhi NCR, Hyderabad, Pune and Chennai, and covers 800+ pincodes for next-day delivery.
What happens next
- May raise more in this round.
Investors
- IvyCap Ventures (Lead, existing investor) — Led the earlier Series A too
- ICMG Group (Investor)
- Vishal Dhupar (Angel)
Founders
- Gaurav Piyush, Co-founder
- Mayank Varshney, Co-founder and CEO (2023)
- Yash Sharma, Co-founder and CEO
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