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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. The company’s board approved the allotment of 21,883 compulsorily convertible preference shares (CCPS) at an issue price of Rs 13,118 per share to raise the aforesaid amount, according to its regulatory filings accessed by Entrackr. IvyCap Ventures led the round with an investment of Rs 12.70 crore, followed by ICMG Group invested Rs 4.75 crore, while Vishal Dhupar put in Rs 2.50 crore. Several other angel investors also participated in the round, collectively contributing the remaining amount. According to the Entrackr’s estimate, the company’s post-money valuation jumped around 2.5X to Rs 440 crore compared to 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. As per the filing with the Ministry of Corporate Affairs, the company plans to use the funds for business growth, expansion, and general corporate purposes. In Nov 2024, the company had raised Rs 51 crore in its Series A round led by IvyCap Ventures 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. After the fresh allotment, IvyCap Ventures remains the largest external shareholder in Blitz with a 23.47% stake, followed by India Quotient with 15.31% and AL Trust with 3.29%. ESOPs and MSOPs account for 12.88% of the company. Among the cofounders, Yash Sharma and Mayank Varshney hold 11.53% each, while Gaurav Piyush holds 6.72%. Angel investors Kunal Bahl and Rohot Bansal (Co-founders of Snapdeal) hold 0.59% each, while QED Innovation Labs (Kunal Shah, Global head of WhatsApp) and Farid Ahsan (Founder & CEO, General Autonomy) hold 0.34% each. The company is yet to file its FY26 financials. Blitz’s operating revenue jumped 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
document fetched 2026-10-01 03:04