Zepto, a 10-minute grocery supply app startup based by two teenage Stanford College dropouts has raised US$60mil (RM249mil) in funding from traders like Y Combinator and Glade Brook Capital to spice up its presence in India’s crowded however fast-growing grocery supply market.
Established earlier this yr by 19-year-olds Aadit Palicha and Kaivalya Vohra, Zepto is already backed by Nexus Enterprise, International Founders and Silicon Valley angel traders Lachy Groom and Neeraj Arora, the Mumbai-based startup stated in an announcement Sunday.
The agency is valued “between US$200 (RM830) to US$300mill (RM1.24bil),” Palicha, co-founder and chief government officer, stated on a name with out revealing the precise valuation.
Palicha and Vohra acquired admission into Stanford College’s vaunted laptop science engineering program final yr however determined to stop to pursue entrepreneurship.
They zeroed in on grocery supply – an space that acquired an enormous enhance amid the pandemic-led lockdowns in India – and set about constructing a service which launched earlier this yr.
Zepto might be competing with a number of greater on-line grocers such because the SoftBank Group Corp-backed Grofers and the Google-backed Dunzo for a slice of the fast grocery supply section, the so-called Fast Commerce or Q-Commerce.
With a community of micro-warehouses, recognized within the business as cloud or darkish shops, it goals to boost the sport and ship inside 10 minutes in neighbourhoods of Bangalore, Mumbai and Delhi.
In addition to increasing in these three cities, the startup additionally plans to start out operations in others corresponding to Hyderabad, Pune, Kolkata and Chennai within the coming weeks.
“Q-Commerce in India is a chance of epic proportions,” Palicha stated within the assertion. “We’re constantly rising 200% each single month.” – Bloomberg
