Blitz is a leading startup company in the fast-commerce fulfilment services market. Blitz has raised ₹28.70 crore in a pre-Series B funding round. The investment was led by IvyCap Ventures. This capital was raised through the issuance of compulsorily convertible preference shares (CCPS) at a rate of ₹13,118 each, which was approved by the company’s board of directors. IvyCap Ventures led the round with an investment of ₹12.70 crore. ICMG Group invested ₹4.75 crore, and Vishal Dhupar invested ₹2.50 crore. One group of angel investors provided the rest of the fresh capital.
Valuation surge and operational framework
The latest funding round has increased the company’s post-money valuation to around ₹440 crore. This also represents a substantial rise over the valuation it had seen in its Series A funding round of ₹175 crore. This latest funding round is part of a series of investments that are expected to take the company even higher in the market.
Blitz had raised ₹51 crore in a Series A funding round in November 2024. It was also led by IvyCap Ventures. The proceeds from the pre-Series B fundraising will be used to support overall growth of the business, scale operations and meet general corporate requirements.
Founded in 2020 by Gaurav Piyush, Mayank Varshney and Yash Sharma, Blitz is a company that provides specialised fulfilment infrastructure for e-commerce and direct-to-consumer (D2C) brands.
The infrastructure is designed to provide the most rapid shipping times of 10 to 60 minutes, as well as standard same-day and next-day delivery. Blitz has an extensive dark store network and a matrix of fulfilment centres placed strategically to accelerate order cycle times and optimize overall delivery performance for its partner brands.
Financial performance and ownership structure
Since the recent capital raise, IvyCap Ventures has increased its stake in the company, growing to 23.47% of its equity. India Quotient’s stake in the company stands at 15.31%, while the share of AL Trust is 3.29%.
Employee Stock Ownership Plans (ESOPs) and Management Stock Option Plans (MSOPs) collectively account for 12.88% of the company’s equity. Yash Sharma and Mayank Varshney each own 11.53% of the business, while Gaurav Piyush owns a 6.72% stake.
The company’s shareholders list also includes prominent angel investors from the ecosystem. Kunal Bahl and Rohit Bansal, the co-founders of Snapdeal, both own 0.59% shares in the company. Additionally, QED Innovation Labs has a stake of 0.34%, and Farid Ahsan, as Founder and Chief Executive Officer of General Autonomy, has a stake of 0.34%.
As for financial disclosure, Blitz has not yet filed its FY26 financial statements. The quick-commerce fulfilment entity reported operating revenue of ₹50.6 crore in FY25, up from ₹22.18 crore in FY24.
Operational expenses also increased, resulting in an overall increase in net losses as revenue increased. The company reported an aggregated loss of ₹24.33 crore during FY25 compared to the loss of ₹11.17 crore it had in the previous fiscal year, FY24.
Conclusion
Blitz’s ₹28.70 crore pre-Series B raise is an important milestone for it as it fortifies its market position in the fast delivery segment. The funding, led by IvyCap Ventures, is a testament to continued faith in the startup’s dark store strategy and hyper-local transportation services. Blitz is further establishing itself as an important infrastructure player in the evolving quick commerce marketplace, with valuation hitting ₹440 crore and preparations for operational expansion in D2C and e-commerce channels.
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