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10-minute grocery delivery app, Zepto, comes out with a $60M fundraise
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Saturday, 06 November, 2021, 16 : 00 PM [IST]
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Our Bureau, Mumbai
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After operating in stealth mode for six months, Zepto publicly announces an early-stage round of $60M to expand 10-minute grocery delivery nationwide. The 19-year-old founders, Aadit Palicha and Kaivalya Vohra, left behind computer science degrees at Stanford University to build Zepto, with backing from institutional investors like Glade Brook Capital, Nexus, and Y Combinator, and individual investors including Lachy Groom, Neeraj Arora, Manik Gupta and more.
With its optimised network of ‘cloud stores’ or micro-warehouses, the company is able to consistently deliver in 10 minutes through a combination of technical and operational excellence. Why 10 minutes? Vohra, answers, “Simply put, customers love a rapid delivery experience. The data speaks for itself – once we started delivering in 10 minutes, our NPS shot up and has constantly remained at around 85 with a 50%+ Week-on-Week user retention rate, which shows the incredibly strong customer love for our product.”
The company is expanding quickly across Mumbai, Bengaluru and Delhi-NCR and will be launching in key areas across Hyderabad, Chennai, Pune and Kolkata in the next 30 days. With its Tech Office in Bengaluru and Operations HQ in Mumbai, it has also built out a strong team to manage their pace of growth. Its management includes senior leaders from some of the nation’s largest startups including Flipkart, Uber, Dream11, Pharmeasy, and Pepperfry to name a few.
Palicha says, “Q-Commerce in India is an opportunity of epic proportions and strong unit economics. We’ve been ignoring the noise and executing heads-down for a long time to perfect this model, and our efforts are paying off. Today, we’re consistently growing 200% every single month with an unstoppable team, robust product infrastructure, and deep access to institutional capital.”
Board members and Investors are equally bullish on the company’s trajectory. “Quick e-commerce is poised to transform how many shop around the world. Zepto has emerged as a leader in India, with exponential growth and best-in-class execution. We look forward to partnering as Zepto brings a magical consumer experience across India”, said Paul Hudson, CIO at Glade Brook Capital.
Suvir Sujan, managing director at Nexus Venture Partners, added, “We are delighted to be partnering with the Zepto team. They are disrupting e-commerce in India in a way we’ve never seen before and we’re super impressed by their innovative mindset, technology first thinking, and lightning-fast execution.”
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