Blitz Secures INR 28.70 Crore in Pre-Series B Funding
Blitz, known for its quick-commerce fulfilment services, has successfully raised INR 28.70 crore in a pre-Series B funding round, with existing investor IvyCap Ventures leading the investment. The company’s board ratified the issuance of 21,883 compulsorily convertible preference shares (CCPS) at an issue price of INR 13,118 each to gather this amount, as detailed in regulatory filings reviewed by Startup Superb.
Funding Details and Investors
IvyCap Ventures took the lead with an investment of INR 12.70 crore. ICMG Group contributed INR 4.75 crore, while Vishal Dhupar invested INR 2.50 crore. Additional angel investors participated, collectively providing the remaining capital. As estimated by Startup Superb, this funding has propelled the company’s post-money valuation to approximately INR 440 crore, up from INR 175 crore in its Series A funding round. Plans to acquire more capital in this round may further elevate the company’s valuation.
Utilisation of Funds
According to filings with the Ministry of Corporate Affairs, Blitz intends to utilise the new funds for business expansion, overall growth, and general corporate activities. In November 2024, the company had previously secured INR 51 crore in its Series A funding, also led by IvyCap Ventures.
About Blitz
Founded in 2020 by Gaurav Piyush, Mayank Varshney, and Yash Sharma, Blitz facilitates e-commerce and D2C brands in providing deliveries within 10 minutes, 60 minutes, on the same day, or the next day. With a network of dark stores and fulfilment centres, Blitz aims to enhance order fulfilment speed, thereby assisting brands in increasing sales and maintaining customer loyalty.
After the recent share allotment, IvyCap Ventures continues to be the largest external shareholder in Blitz, owning 23.47% of the company. Following them is India Quotient with a 15.31% stake and AL Trust with 3.29%. Employee Stock Option Plans (ESOPs) and Management Stock Option Plans (MSOPs) account for 12.88% of ownership. Among the co-founders, Yash Sharma and Mayank Varshney each hold 11.53%, while Gaurav Piyush possesses 6.72%. Notable angel investors, Kunal Bahl and Rohot Bansal (co-founders of Snapdeal), each hold 0.59%, while QED Innovation Labs and Farid Ahsan (Founder & CEO of General Autonomy) hold 0.34% each.
Financial Performance
Blitz is yet to release its FY26 financial reports. However, its operating revenue surged 2.28 times year-on-year to INR 50.6 crore in FY25, up from INR 22.18 crore in FY24. Conversely, the company’s losses escalated 2.18 times, reaching INR 24.33 crore compared to INR 11.17 crore in the previous year.