21st June 2024- Zepto, a Mumbai-based startup specializing in ultra-fast delivery services, has successfully raised $665 million in its latest funding round, boosting its valuation to $3.6 billion from $1.4 billion in less than a year. The Series F funding was co-led by Glade Brook, Nexus, and StepStone Group among others, with participation from existing investors like DST Global and Lightspeed.
Zepto has carved a niche in the quick commerce sector by delivering a wide range of products—from groceries to electronics—in just 10 minutes within urban Indian cities. This model, centered around ‘dark stores’ strategically located near high-demand areas, allows Zepto to ensure swift order fulfillment.
The startup has reported impressive growth figures, with a 140% year-on-year increase and annualized gross merchandise value (GMV) sales on track to surpass $1 billion. Zepto plans to expand its network of ‘dark stores’ to over 700 by March 2025 and continues to onboard delivery partners at a rapid pace.
CEO Aadit Palicha highlighted Zepto’s focus on enhancing local customer experiences, particularly in smaller cities where traditional offline offerings often fall short. He expressed confidence in the startup’s potential to go public soon, buoyed by positive market reception and operational efficiencies.
With quick commerce gaining momentum in India’s $4 trillion economy, Zepto aims to further disrupt traditional retail models by catering to hyper-local, low-ticket item purchases efficiently.
Zepto’s rapid ascent in valuation and strategic expansion plans underscore its ambition to redefine consumer shopping habits in India through accelerated delivery solutions.
Source:Link
