Former Leap Execs’ Quick Commerce Startup Peeko Nets $3.2 Mn

Former Leap Finance executives’ babycare-focussed quick commerce venture, Peeko, has emerged out of stealth mode and raised $3.2 Mn (INR 28 Cr) in its seed round led by Stellaris Venture Partners.

The round also saw participation from angel investors such as Lightspeed partner Maninder Gulati, Abhishek Goyal of Tracxn, Uni cofounder Nitin Gupta, Arjun Vaidya of V3 Ventures, and Titan Capital cofounders Kunal Bahl and Rohit Bansal.

Speaking with Inc42, Peeko cofounder Chetan Sharma said that a chunk of the capital will be utilised for building the right product assortment for consumers. He added that the startup will use the funds to enhance its ‘try and buy’ feature, upgrade logistics and enable instant return. A portion of the capital will also be used for scaling its team and building products in-house.

Founded in 2025 by former Leap executives Sharma and Abhijit Gairola, and ex-OYO executive Vivek Khetan, Peeko claims to deliver baby care products in under 60 minutes via its marketplace. It sells products such as diapers, toys, personal care products, baby food, gifts, puzzles, apparels and more. Its offerings primarily cater to infants and kids in the 0-6 years age category.

Still in beta stage, the startup currently operates only one dark store and delivers orders to 10 pincodes in Bengaluru via its own website. Sharma told Inc42 that Peeko plans to set up two more dark stores in the coming three to six months, and add 15,000 to 20,000 SKUs in the coming nine months.

Going forward, the startup plans to scale operations in Bengaluru, initiate pilot launches in other metro cities and “develop a differentiated supply chain for sourcing high-quality products”. 

In a statement, Peeko said it will launch its Android app next month and will also look to partner with established and emerging babycare brands to strengthen its product assortment. 

India’s Quick Commerce Boom

The fundraise comes at a time when the quick commerce platforms are witnessing rapid adoption on the back of growing consumer demand, ease of convenience, and rising disposable incomes. 

As a result, the space has witnessed the rise of giants like Eternal-owned Blinkit, Swiggy Instamart and Zepto. These players are spending millions of dollars to expand their market share by offering tight delivery timelines and discounts.

Not content with merely selling groceries and kitchen staples, these players are now also entering new categories like apparel, medicine, food, and more. Giving them competition is a new breed of founders that are also building vertical quick commerce startups, catering to niches like fashion and babycare like Peeko. 

For instance, quick fashion startup KNOT secured $3 Mn in its pre-Series A round from Kae Capital, Sparrow Capital and Boundless VC, among others. Prior to that, fashion-focussed quick delivery platform ZILO also raised $4.5 Mn in its seed funding round co-led by Info Edge Ventures and Chiratae Ventures. 

At the heart of this is the rapidly growing Indian quick commerce market, which is projected to become a $40 Bn opportunity by 2030.