Blitz raises Rs 28.7 crore, round still open
Blitz sells fulfilment to brands, not groceries to shoppers. It has allotted Rs 28.70 crore of a pre-Series B led by IvyCap Ventures, and Entrackr says the round is not finished.
- Blitz sells fulfilment to brands: dark stores and fulfilment centres behind 10-minute, 60-minute, same-day and next-day delivery. It is a supplier you can buy from, not a marketplace you list on.
- The round is in progress. The board approved Rs 28.70 crore of convertible preference shares and Entrackr says more may come in the same round, so treat this as a first report rather than a close.
- The Rs 440 crore post-money valuation and the 2.5 times jump from Rs 175 crore are Entrackr's own estimate, not a company disclosure. Blitz has stated no valuation.
- FY25 operating revenue grew 2.28 times to Rs 50.6 crore while losses grew 2.18 times to Rs 24.33 crore. FY26 accounts are not yet filed.
Blitz is not a consumer app. Founded in 2020 by Gaurav Piyush, Mayank Varshney and Yash Sharma, it helps ecommerce and D2C brands offer 10-minute, 60-minute, same-day and next-day delivery, running its own network of dark stores and fulfilment centres. It is fulfilment infrastructure a brand buys, not a marketplace a brand sells on. That matters before any number does, because the name gives nothing away.
Entrackr reported on 30 September 2026, from regulatory filings it accessed, that Blitz has raised Rs 28.70 crore in a pre-Series B round led by existing investor IvyCap Ventures. The board approved the allotment of 21,883 compulsorily convertible preference shares at an issue price of Rs 13,118 each. IvyCap put in Rs 12.70 crore, ICMG Group Rs 4.75 crore and Vishal Dhupar Rs 2.50 crore, with several other angel investors contributing the rest, which is Rs 8.75 crore on our arithmetic. The filing with the Ministry of Corporate Affairs says the money is for business growth, expansion and general corporate purposes.
Read the stage before the number. This is an Entrackr exclusive on a round in progress, not a company announcement of a completed one. Entrackr states the company may raise additional capital in this round, which would change the post-money valuation accordingly. A round being raised is not a round closed, and a first report is exactly where a final figure tends to move.
The valuation is an estimate, and Entrackr says so in its own words. On that estimate the post-money valuation is about Rs 440 crore, roughly 2.5 times the Rs 175 crore of the Series A of November 2024, when Blitz raised Rs 51 crore, also led by IvyCap. Blitz has disclosed no valuation of its own. Two checks of ours reconcile: 440 divided by 175 is 2.51, and 21,883 shares at Rs 13,118 comes to Rs 28.71 crore, which Entrackr reports as Rs 28.70 crore.
The financials on record are FY25. Operating revenue grew 2.28 times to Rs 50.6 crore from Rs 22.18 crore in FY24, and losses grew 2.18 times to Rs 24.33 crore from Rs 11.17 crore. FY26 accounts are not yet filed. Revenue and loss are compounding at almost the same rate, so this money buys time to separate them, not evidence that they have separated.
Zane’s analysis draws on original reporting by Entrackr. Read the original report.