10-min online delivery platform Zepto raises $200 mn
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Ten-minute delivery platform Zepto on Tuesday said it has raised $200 million, taking its valuation to around $900 million.
Just nine months after launching, Zepto posted a record 800 per cent revenue growth in the last quarter.
"We maintained a phenomenal 88-point NPS (net promoter score) and 60 per cent 'month-1 buyer retention' at scale. This execution over the past few months has made it clear to investors that Zepto will be one of the winners in Indian Q-Commerce," said Aadit Palicha, Co-Founder and CEO.
The latest Series D funding round was led by Y Combinator with new investor Kaiser Permanente.
Key existing investors like Nexus Venture Partners, Glade Brook Capital, and Lachy Groom also increased their investments in the platform.
Zepto now plans to continue growing sustainably across India.
The company has a 1,000-strong workforce and plans to hire across all functions.
Zepto is also piloting a service to deliver coffee, chai and other items in 10 minutes across select areas in Mumbai.
"We've turned micro-markets profitable and brought down burn significantly while growing to a scale of hundreds of thousands of orders per day," said Kaivalya Vohra, Co-founder and CTO.
Palicha and Vohra dropped out of Stanford University to build Zepto in India.
The platform has so far raised $360 million from investors in Silicon Valley and India.
