Quick-commerce fulfilment startup Blitz has raised ₹28.70 crore in a pre-Series B funding round led by existing investor IvyCap Ventures, as the company looks to strengthen its operations and expand its fulfilment network.
According to regulatory filings, the company’s board approved the allotment of 21,883 compulsorily convertible preference shares (CCPS) at an issue price of ₹13,118 per share to raise the capital.
IvyCap Ventures led the round with an investment of ₹12.70 crore, followed by ICMG Group, which invested ₹4.75 crore. Vishal Dhupar contributed ₹2.50 crore, while the remaining amount came from several other angel investors.
Blitz Valuation Rises to ₹440 Crore
The latest funding transaction values Blitz at approximately ₹440 crore on a post-money basis, representing nearly a 2.5-fold increase from its ₹175 crore valuation during the Series A round.
The company may also secure additional capital as part of the ongoing funding round, which could further increase its valuation.
In November 2024, Blitz raised ₹51 crore in a Series A funding round led by IvyCap Ventures.
Funds to Support Business Growth and Network Expansion
As per its filing with the Ministry of Corporate Affairs (MCA), Blitz plans to utilise the fresh capital towards business growth, expansion and general corporate purposes.
The funding is expected to support the company’s efforts to strengthen its fulfilment infrastructure and expand its operational network as demand for faster delivery services continues to shape the quick-commerce and e-commerce landscape.
Blitz’s Fulfilment Model for E-commerce and D2C Brands
Founded in 2020 by Gaurav Piyush, Mayank Varshney and Yash Sharma, Blitz provides quick-commerce fulfilment solutions to e-commerce and direct-to-consumer (D2C) brands.
Its services enable businesses to offer delivery options ranging from 10-minute and 60-minute deliveries to same-day and next-day fulfilment.
The company operates a network of dark stores and fulfilment centres to support faster deliveries. Its model is designed to help brands improve customer experience, increase sales and strengthen customer retention.
IvyCap Ventures Remains the Largest External Shareholder
Following the latest share allotment, IvyCap Ventures remains Blitz’s largest external shareholder, holding a 23.47% stake.
India Quotient holds 15.31%, while AL Trust owns 3.29% of the company. Employee Stock Option Plans (ESOPs) and Management Stock Option Plans (MSOPs) together account for 12.88% of its equity.
Among the co-founders, Yash Sharma and Mayank Varshney each hold an 11.53% stake, while Gaurav Piyush owns 6.72%.
The startup’s investor base also includes Snapdeal co-founders Kunal Bahl and Rohit Bansal, who hold 0.59% each. QED Innovation Labs, associated with WhatsApp Global Head Kunal Shah, and Farid Ahsan, founder and CEO of General Autonomy, each hold a 0.34% stake.
Revenue Grows in FY25, but Losses Also Increase
Blitz is yet to file its financial statements for FY26. In FY25, the company’s operating revenue increased 2.28 times year-on-year to ₹50.6 crore, compared with ₹22.18 crore in FY24.
However, its losses also rose 2.18 times to ₹24.33 crore in FY25, from ₹11.17 crore in the previous financial year.
The latest funding comes as Blitz looks to scale its fulfilment capabilities and strengthen its position in the quick-commerce infrastructure segment. Its ability to expand its network while improving financial performance will be important as it moves towards its next phase of growth.
By : Vanshika Tayal
