Blitz raises Rs 28.7 crore pre-Series B led by IvyCap to expand quick-commerce fulfilment

Quick-commerce fulfilment startup Blitz has raised Rs 28.70 crore in a pre-Series B round led by existing investor IvyCap Ventures, according to regulatory filings reported by Entrackr and followed by Indian Retailer. IvyCap put in Rs 12.70 crore, ICMG Group invested Rs 4.75 crore, and Vishal Dhupar added Rs 2.50 crore, with other angels filling the rest. The board allotted 21,883 compulsorily convertible preference shares at Rs 13,118 each.

Entrackr estimated the post-money valuation at about Rs 440 crore, roughly 2.5 times the Rs 175 crore level at Series A, when Blitz raised Rs 51 crore led by IvyCap in November 2024. The company told the Ministry of Corporate Affairs it will use the capital for business growth, expansion and general corporate purposes, and may still take more money into the same round.

Founded in 2020 by Gaurav Piyush, Mayank Varshney and Yash Sharma, Blitz runs dark stores and fulfilment centres that help ecommerce and D2C brands offer 10-minute, 60-minute, same-day and next-day delivery without building the network themselves. After the allotment, IvyCap remains the largest external shareholder at about 23.47 percent, followed by India Quotient at 15.31 percent, with ESOP and MSOP pools near 12.88 percent.

Operating revenue rose 2.28 times to Rs 50.6 crore in FY25 from Rs 22.18 crore in FY24, while losses also widened to Rs 24.33 crore from Rs 11.17 crore, Entrackr reported from filings. The raise keeps Blitz in the infrastructure layer of India's quick-commerce boom: brands buy speed, and Blitz sells the stores, pick paths and last-mile slots behind that promise.