Zepto, an instant grocery delivery startup, has raised $200 million in a Series E round of funding at a valuation of $1.4 billion. The round was led by StepStone Group and Goodwater Capital, with participation from existing investors Sequoia Capital India, Tiger Global, and Accel Partners.
The funding comes at a time when the Indian startup ecosystem is facing a funding winter. However, Zepto’s valuation suggests that investors are still bullish on the quick commerce space.
Zepto was founded in 2021 by Aadit Palicha and Kaivalya Vohra, two Stanford University dropouts.
The company offers grocery delivery within 10 minutes of placing an order. Zepto currently operates in seven Indian cities, including Mumbai, Delhi, Bengaluru, and Chennai.
The company plans to use the new funds to expand to more cities, build its supply chain infrastructure, and develop new products. Zepto also plans to hire more talent across engineering, product, and operations.
Zepto’s success is a testament to the growing demand for quick commerce in India. The company has seen rapid growth in recent months, and it is now one of the most popular quick commerce apps in the country.
The funding round for Zepto is a positive sign for the Indian startup ecosystem. It shows that investors are still willing to back promising startups, even in a challenging funding environment. It also shows that the quick commerce space is still growing rapidly, and there is still room for new players to succeed.
Zepto’s co-founders, Aadit Palicha and Kaivalya Vohra, are excited to partner with StepStone Group and Goodwater Capital to accelerate Zepto’s expansion and build the best quick commerce experience for customers. They are also grateful to their existing investors for their continued support.
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