IvyCap leads Blitz's Rs 28.70 crore pre-Series B as valuation jumps 2.5X

Blitz, the quick-commerce fulfilment startup, has kicked off its pre-Series B round with Rs 28.70 crore from existing investor IvyCap Ventures. The company's board approved the allotment of 21,883 compulsorily convertible preference shares at an issue price of Rs 13,118 per share, regulatory filings show. IvyCap put in Rs 12.70 crore, ICMG Group invested Rs 4.75 crore, Vishal Dhupar invested Rs 2.50 crore, and several angel investors contributed the rest.

According to Entrackr's estimate, Blitz's post-money valuation has jumped around 2.5X to Rs 440 crore, compared with Rs 175 crore at its Series A. The company may raise additional capital in this round, which would push the valuation higher.

Blitz was founded in 2020 by Gaurav Piyush, Mayank Varshney and Yash Sharma. It helps ecommerce and D2C brands offer 10-minute, 60-minute, same-day and next-day deliveries, running a network of dark stores and fulfilment centres to speed up order fulfilment and help brands drive sales and customer retention. The company plans to use the fresh funds for business growth, expansion and general corporate purposes. In November 2024, it raised Rs 51 crore in a Series A round also led by IvyCap Ventures.

The new allotment keeps IvyCap Ventures as Blitz's largest external shareholder with 23.47%, followed by India Quotient at 15.31% and AL Trust at 3.29%. ESOPs and MSOPs account for 12.88% of the company. Cofounders Yash Sharma and Mayank Varshney hold 11.53% each, while Gaurav Piyush holds 6.72%.

Blitz has not yet filed its FY26 financials. In FY25, operating revenue jumped 2.28X year-on-year to Rs 50.6 crore from Rs 22.18 crore in FY24, while losses rose 2.18X to Rs 24.33 crore from Rs 11.17 crore.