Mumbai: Just five months after launching, 10-minute grocery delivery app Zepto on Tuesday announced it has raised $100 million led by Y Combinator, taking its valuation to $570 million.
Besides the fundraise, Zepto has been growing incredibly quickly and is tripling its user-base every month.
Over the past two months, Zepto has expanded beyond Mumbai by launching in Bengaluru, Delhi, Gurgaon, Chennai, Hyderabad and Pune (Kolkata to follow), the company said in a statement.
“Investors are consistently choosing to back Zepto because of our best-in-class execution. This is giving us incredible momentum – we’re growing at a phenomenal rate, customers are loving the product experience, our core unit economics are strong, and we have one of the best startup teams in India today,” said Aadit Palicha, Co-Founder and CEO.
The Series C fundraising round saw participation from new and existing investors, including Glade Brook, Nexus, Breyer Capital, Lachy Groom, Global Founders Capital, Contrary Capital, and more.
The round came 45 days after the company announced its $60 million fundraise in November.
Delivering groceries in 10 minutes is a game-changing experience for customers in the country, and several players are now joining the race.
In five months, the startup has launched 100 micro-warehouses – each of which has the capacity to do 2,500+ orders a day.
“We are excited to double down and lead this round in Zepto. They originally launched with a different model, swiftly pivoted to quick commerce in August 2021 and are now adding 100,000 new customers every week, 60 per cent of them women,” said Anu Hariharan from Y Combinator.