Zepto raises $60M, valuation at $225M
Grocery delivery startup Zepto announced on Monday that it raised $60 million in an early-stage funding round. Its valuation now stands at $225 million. The round saw participation from Glade Brook Capital, Nexus, and Y Combinator, Lachy Groom, Neeraj Arora, and Manik Gupta, among others.
Reportedly the company will use the capital raised to launch new cloud stores and penetrate further into the market.
Zepto co-founder and CTO Kaivalya Vohra said, “Customers love a rapid delivery experience. The data speaks for itself – once we started delivering in 10 minutes, our NPS shot up and has constantly remained at around 85 with over 50 percent weekly user retention rate, which shows the incredibly strong customer love for our product.”
“Q-Commerce in India is an opportunity of epic proportions and strong unit economics. We’ve been ignoring the noise and executing heads-down for a long time to perfect this model, and our efforts are paying off. Today, we’re consistently growing 200 percent every single month, with an unstoppable team, robust product infrastructure, and deep access to institutional capital,” added Zepto founder and CEO Aadit Palicha.
The Bengaluru-based and Mumbai-headquartered 10 minute delivery service was founded by Aadit Palicha and Kaivalya Vohra in June 2021. Zepto claims to have a network of ‘dark stores’ and offers its users delivery of groceries and essentials within 10 minutes.
Commenting on the investment, Glade CIO Paul Hudson said, “Quick ecommerce is poised to transform shops around the world. Zepto has emerged as a leader in India, with exponential growth and best-in-class execution. We look forward to partnering as Zepto brings a magical consumer experience across India.”
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