Blitz raises Rs 28.7 crore in pre-Series B funding
Blitz, a quick-commerce fulfilment startup, has raised Rs 28.70 crore in a pre-Series B funding round led by existing investor IvyCap Ventures, which contributed Rs 12.70 crore.
Other participants in the round included ICMG Group, which invested Rs 4.75 crore, and Vishal Dhupar, who invested Rs 2.50 crore. Several other angel investors contributed the remaining amount. Entrackr estimates the company's post-money valuation rose around 2.5X to Rs 440 crore, compared with Rs 175 crore in its Series A round. The company may raise additional capital in this round, which would increase its post-money valuation accordingly.
Founded in 2020 by Gaurav Piyush, Mayank Varshney, and Yash Sharma, Blitz helps ecommerce and D2C brands offer 10-minute, 60-minute, same-day, and next-day deliveries. The company operates a network of dark stores and fulfilment centres to enable faster order fulfilment and help brands drive sales and customer retention.
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The company's operating revenue grew 2.28X year-on-year to Rs 50.6 crore in FY25 from Rs 22.18 crore in FY24, while its losses rose 2.18X to Rs 24.33 crore from Rs 11.17 crore.
The company plans to use the fresh capital for business growth, expansion, and general corporate purposes. After the allotment, IvyCap Ventures remains the largest external shareholder with a 23.47% stake, followed by India Quotient at 15.31%.
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