Startup Founded By Mumbai Childhood Friends Doubles Value To $570 Million
NDTV
Instant grocery delivery startup, Zepto, was started by two 19-year-old childhood friends who quit the coveted computer science program at Stanford University to return to India and get started in quick commerce.
Zepto, an instant grocery delivery startup founded by two teenagers, has raised $100 million in a funding round led by Y Combinator, taking its valuation to $570 million within five months of starting services in India's red-hot quick commerce segment.
The startup's newest funding comes 45 days after a previous capital raise of $60 million at $225 million valuation, Aadit Palicha, co-founder and chief executive officer, said in an interview. Besides Y Combinator's Continuity Fund, the latest round also received investments from new and existing backers like Glade Brook Capital Partners, Nexus Venture Partners, Breyer Capital and Silicon Valley investor Lachy Groom, the startup said in a statement.
Zepto, named after a minuscule unit of time, was started by Palicha and his childhood friend Kaivalya Vohra, both 19, who quit the coveted computer science program at Stanford University to return to India and get started in quick commerce. The startup, which promises to deliver grocery and daily essentials in 10 minutes, started in Mumbai earlier this year and has since expanded to Bangalore, Delhi and four other cities.
Online grocery delivery is taking off in India, a $1 trillion retail market where grocery purchases account for the bulk of the retail spending. Zepto is competing against startups like SoftBank Group Corp.-backed Blinkit, Google-backed Dunzo and Naspers Ltd.-backed Swiggy, as well as the likes of Amazon.com Inc. and Walmart Inc.-backed Flipkart.
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