- Instant grocery company Zepto recently announced it raised $200 million in funding. These are the details.
Instant grocery company Zepto recently announced it raised $200 million in a new round of funding. This funding round valued the company at about $900 million, according to TechCrunch.
Existing investor Y Combinator Continuity led Zepto’s Series D funding round. Kaiser Permanente along with key existing investors including Nexus Venture Partners, Glade Brook Capital, Contrary Capital, and Lachy Groom also participated in the new round.
Aadit Palicha and Kaivalya Vohra co-founded Zepto at the age of 19. And both of them have previously worked on several other projects like a ride-hailing commute app for kids in school. They both had dropped out of Stanford two years ago and removed Zepto from stealth mode in November of last year.
The 10-minute grocery delivery service is now operational in 11 cities across India. And now it is processing hundreds of thousands of orders every day.
Zepto is now generating annualized revenue of between $200 million to $400 million. And the company has consistently grown by over 50% every month in recent months. And in the most recent quarter, Zepto’s revenue grew by 800% and the expenses per order have been slashed by over 5 times.