After receiving $60 million in an initial funding round, Zepto is now worth between $200 million and $300 million, according to Aadit Palicha, Co-Founder and Chief Executive Officer.
The funding round was led by Glade Brook Capital, the US-based growth equity firm, and included participation from Nexus Venture Partners and Y Combinator, as well as angel investors Lachy Groom, Neeraj Arora, and Manik Gupta. After the round, the young start-up is valued at $225 million.
The proceeds from the funding round will be utilized towards expanding its operations and user base across the country to expand and hire more employees.
The USP of Zepto is offering 10-minute grocery delivery service to customers, utilizing its network of dark stores, which are designed and optimized for fast deliveries, beating many heavily backed rivals on speed.
Palicha said that Zepto clocked consistent growth of 200% every month “with an unstoppable team, robust product infrastructure, and deep access to institutional capital.”
Being in beta mode for the last six months in Bengaluru, Mumbai, and Delhi-NCR, it plans to expand to Hyderabad, Chennai, Pune, and Kolkata in the next 30 days, expanding to 100 dark stores and servicing around 100 pin codes by the end of 2021.
