NEW DELHI: Snapdeal funded PepperTap has closed down its business and laid off 150 people, with another 1,000 employees offered an option to join Nuvo Logistics which controls the business of PepperTap.
The Gurgaon based e-commerce grocery supplier has cited high customer acquisition and lack of integration with stores for the decision. The firm had launched operation in 2014, led by Navneet Singh, CEO of PepperTap, who confirmed to Express, the closing down operations by month end. It had raised over $51 million from blue chip investors, including Sequoia Capital, SAIF Partners, Beenext, Ru-Net and JAFCO.
“Shutting down PepperTap is extremely difficult call for us but it’s the need of hour,” Navneet Singh, wrote on his blog.