Instant delivery app Zepto became the first unicorn of 2023, this is the company's next plan - Newztezz Online


Saturday, August 26, 2023

Instant delivery app Zepto became the first unicorn of 2023, this is the company's next plan

Adit Palicha and Kaivalya Vohra said that Zepto already had the record of instant grocery delivery in 10 minutes that now the company has created another record. Zepto has entered the unicorn club in a very short span of time. Let's know how...

Two years ago, two friends together opened an instant grocery delivery company. Whose hard work is now paying off and has entered this year's unicorn club. Actually, two years ago Adit Palicha and Kaivalya Vohra started online grocery delivery startup Zepto. Through Series-E funding, the company has raised $200 million i.e. Rs 16,528,330,800. At the same time, now the total valuation of Zepto has become $ 1.4 billion. With this, Zepto has also become the first unicorn of the year 2023. Zepto has secured this funding at a time of recession when raising funding for startups is proving difficult. Let us tell you, such a huge funding has been led by the US-based private market investor firm Stepstone Group. Not only this, this is Stepstone Group's first direct funding in an Indian company.

First direct investment

Out of the $200 million that Zepto has raised in the latest funding round, $75 million has been invested by Stepstone and $30 million by Goodwater Capital. Both have invested money for the first time in India's instant grocery delivery app. At the same time, the remaining $ 95 million to Zepto has been invested by their existing investors Nexus Venture Partners, Glad Brook Capital and Lachy Groom. This is Stepstone's first direct investment in India. At the same time, Goodwater Capital has already invested in 3 Indian companies.

Competition with these platforms

Adit Palicha and Kaivalya Vohra are up against their rivals Blinkit and Swiggy Insta Mart. Zomato-owned Blinkit, Swiggy Instamart, Reliance-funded Dunzo and Tata's BigBasket were already offering 30-minute deliveries in the market when Zepto entered the market. At present, apart from Zepto, Blinkit and Instamart are the top players of the market. Whereas, in terms of order value, Zepto comes at number three.

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