Quick commerce has been hopping on the trend and the evolving space has gotten a big push of late.
Yesterday, we were thrilled about India scoring a century of unicorn startups. Today, we see another one in the making.
Founded by two 19-year-old Stanford dropouts 9 months ago — Quick commerce startup Zepto is now valued at a whopping $900 million after having raised $200 million on Monday.
Who Ran the Show?
The funding round was led by Y Combinator Continuity Fund and Kaiser Permanente. All key existing investors, including Nexus Venture Partners, Glade Brook Capital and Lachy Groom have also participated in Zepto’s latest Series D round.
Kiranakart Technologies Pvt. Ltd, which runs the 10-minute grocery delivery platform Zepto, was founded by Aadit Palicha and Kaivalya Vohra in April 2021, and it currently delivers 3,500 products across 11 cities.
The company claims to deliver in 10 minutes in Delhi, Mumbai, Bengaluru, Ghaziabad and other cities. Zepto plans to expand into 12-20 cities and hire 1,000 people over the next year with this funding.
Inching Towards the Club
The cumulative capital raised by the young start-up now stands at $360 million within a period of 9 months. Zepto is also likely to be the second youngest start-up to enter India’s unicorn club after Mensa Brands, a Thrasio style e-commerce brands aggregator.
Too long? Here’s a one-liner: Zepto nears entering unicorn club after raising $200 Mn in Series D funding led by Y Combinator Continuity; current valuation stands at $900 Mn.