Q-comm enabler Blitz raises Rs.28.70 Cr led by IvyCap Ventures

Bengaluru-based Blitz has raised INR 28.70 crore in a pre-Series B funding round led by existing investor IvyCap Ventures. The transaction also saw participation from ICMG Group, Vishal Dhupar, and several angel investors. The company would issue 21,883 compulsorily convertible preference shares (CCPS) at INR 13,118 per share. Following this investment, the company’s post-money valuation has reached about INR 440 crore.IvyCap Ventures continues to be the largest external shareholder with a 23.47% stake, followed by India Quotient with 15.31% and AL Trust with 3.29%. Other notable investors include Kunal Bahl, Rohit Bansal, Kunal Shah and Farid Ahsan.Founded in 2020 by Gaurav Piyush, Mayank Varshney, and Yash Sharma, Blitz is a quick-commerce fulfilment company that provides delivery services for e-commerce and D2C (direct-to-consumer) brands. The firm has a network of dark stores and fulfilment centers to facilitate order processing and customer retention.