Gurgaon-based hyperlocal grocery service PepperTap has acquired Jiffstore a Bangalore based hyperlocal grocery delivery service for an undisclosed amount, along with this also raised $4 million from Innoven Capital. Jiffstore’s team will work out of PepperTap’s Bangalore and Gurgaon offices. The acquisition gives PepperTap Jiffstore’s customer base and its technology.
Hyperlocal Majors - India
This year hyperlocal majors Grofers and PepperTap had together amassed close to $200 million risk capital from investors. In one of the biggest deals in 2015 – Grofers gobbled $120 million round led by Softbank last month.
Trends in this Space
Experts say that excess in the space will either die or consolidate. Except Grofers, PepperTap and Bigbasket, most of grocery and FMCG focused digital platforms are finding extremely difficult to raise next round of capital. Paytm owned grocery app Zip also winded up its operation within a month of its launch in Bengaluru.