“Revolutionizing Grocery Delivery: Zepto Acquires $200 Million in Funding!” Here’s How They’re Shaking Things Up”
New Delhi, 25 August 2023 — Zepto, the pioneering online grocery delivery business, has entered the unicorn club after raising an incredible $200 million in a ground-breaking Series-E fundraising round. This feat raises Zepto’s worth to a whopping $1.4 billion, earning it the year’s first unicorn.
The imaginative startup, which developed in the aftermath of the epidemic, revealed on Friday that the fundraising was spearheaded by StepStone Group, a famous US-based private markets investment group. This is also StepStone Group’s first direct investment in an Indian company. Goodwater Capital, a dynamic consumer-focused venture capital firm based in California, has joined forces in this thrilling adventure as a new investor.
Intriguingly, previous investors such as Nexus Venture Partners, Glade Brook Capital, Lachy Groom, and others were rekindled as they made significant follow-on investments in Zepto.
A Look Back at Zepto’s Adventure:
In 2022, Zepto coordinated an extraordinary Series D investment round, raising $200 million with the help of the Continuity Fund of the American technology startup accelerator Y Combinator. This investment valued the quick commerce miracle at $900 million. Zepto, founded in 2021 by entrepreneurial Stanford University dropouts Aadit Palicha and Kaivalya Vohra, is carefully preparing the basis for a possible public market debut within the next two to three years. In May of this year, the business announced significant promotions among its senior executives in preparation for its listing efforts.
Zepto’s Core Proposition: Using an inventive methodology, Zepto promises lightning-fast delivery of over 6,000 supermarket goods within 10 minutes, supported by a vast network of delivery hubs covering the country. This invention, dubbed fast commerce, has drawn attention for its rapid spread, yet worries regarding its long-term viability remain due to significant capital consumption.
Setting the Record Straight: Despite the present economic depression, Zepto confidently declares its unrivaled operational rigor as the foundation of its success. According to the company’s official announcement, Zepto has turned the bulk of its dark storefronts into EBITDA-positive companies. This has been accompanied by a considerable drop in burn rate, putting the firm on track to achieve complete EBITDA positive over the next 12 to 15 months. The statement emphasizes Zepto’s impressive profitability milestones while simultaneously promoting fast expansion.
Spectacular Growth Trajectory: The stats tell a resounding story of Zepto’s success, with revenues increasing by a staggering 300% year on year. Within the next several quarters, the firm expects to reach the astounding milestone of $1 billion in yearly revenue.
Vision and Determination of the Founders: Aadit Palicha, Co-founder and CEO of Zepto, expresses his belief, saying, “This business is about execution, and we are succeeding because our execution is strong.” Our culture of profound frugality and customer adoration has brought us this far, but there is still so much more for us to accomplish. We’re in this to develop a generational company, and it genuinely seems like we’re just getting started.”