Quick-commerce fulfilment startup Blitz has raised Rs 28.70 crore in a pre-Series B funding round, led by existing investor IvyCap Ventures. The fresh funding comes as the startup looks to expand its operations and strengthen its fulfilment network for ecommerce and D2C brands.
The company’s board has approved the issue of 21,883 compulsorily convertible preference shares (CCPS) at Rs 13,118 per share to raise the capital.
IvyCap Leads the New Funding Round
IvyCap Ventures invested Rs 12.70 crore, making it the largest investor in the latest round.
Other investors included ICMG Group, which put in Rs 4.75 crore, and Vishal Dhupar, who invested Rs 2.50 crore. The remaining amount came from a group of angel investors.
The latest funding has taken Blitz’s post-money valuation to around Rs 440 crore, a sharp jump from the Rs 175 crore valuation recorded during its Series A round.
The company is also expected to raise more money as part of the same round, which could push its valuation even higher.
Funding to Support Expansion
Blitz plans to use the fresh capital to expand its business, scale operations and meet general corporate needs.
The startup had earlier raised Rs 51 crore in its Series A round in November 2024, which was also led by IvyCap Ventures.
With quick commerce and faster delivery becoming an important part of online shopping, Blitz is building infrastructure that helps brands deliver orders faster without having to build their own fulfilment network from scratch.
What Does Blitz Do?
Founded in 2020 by Gaurav Piyush, Mayank Varshney and Yash Sharma, Blitz provides fulfilment infrastructure for ecommerce and D2C brands.
Its network of dark stores and fulfilment centres helps brands offer deliveries in as little as 10 to 60 minutes, along with same-day and next-day delivery options.
The company focuses on making the complete order process faster, from receiving an order to getting it ready for delivery.
IvyCap Remains the Largest External Shareholder
IvyCap Ventures continues to be Blitz’s largest external shareholder, with a 23.47% stake in the company.
Other major shareholders include India Quotient with 15.31% and AL Trust with 3.29%. ESOPs and MSOPs together account for 12.88% of the company.
Among the founders, Yash Sharma and Mayank Varshney each hold an 11.53% stake, while Gaurav Piyush owns 6.72%.
Blitz also has several well-known angel investors on its shareholder list. Snapdeal co-founders Kunal Bahl and Rohit Bansal each hold 0.59%, while QED Innovation Labs and Farid Ahsan, Founder and CEO of General Autonomy, each own 0.34%.
Revenue Is Growing, But Losses Also Rise
Blitz has not yet filed its FY26 financial statements.
In FY25, the company reported operating revenue of Rs 50.6 crore, up sharply from Rs 22.18 crore in FY24.
However, losses also increased during the year. Blitz reported a loss of Rs 24.33 crore in FY25, compared with Rs 11.17 crore in FY24.
With fresh capital now in hand and more funding potentially coming into the round, Blitz is looking to build a larger fulfilment network and capture more demand from brands looking for faster deliveries across India.
