Zepto Funding: Instant grocery delivery startup Zepto has raised $200 million in a new funding round, led by StepStone Group. The funding values Zepto at $1.4 billion, making it the first Indian startup to achieve unicorn status in 2023.
The funding round also saw participation from Goodwater Capital and existing investors, including Nexus Venture Partners, Glade Brook Capital, and Lachy Groom.
Zepto was last valued at $900 million in a funding round in May last year. The startup has raised about $560 million to date.
Related news: How to get funding for Tech Startup: This Accelerator is Helping Tech Startups with Tech Support with 50% Funding Support
The funding comes at a time when the instant delivery market is facing headwinds globally. Several startups in the space, including Gopuff, Jokr, and Getir, have either shut down or significantly scaled back their operations.
However, Zepto has bucked the trend. The startup has grown rapidly in recent months, processing more than 300,000 orders a day in seven Indian cities.
Zepto’s success is attributed to its focus on efficiency and profitability. The startup has a network of dark stores that are located in close proximity to customers, which allows it to deliver orders quickly and cheaply.
Business idea: Exporting Millets in the Form of Energy Bars: A Business Opportunity for Indian Entrepreneurs
Zepto also uses technology to optimize its operations. The startup’s algorithms predict demand and allocate inventory accordingly, helping to minimize waste.
With the fresh funding, Zepto plans to expand its operations to more cities and add new products and services. The startup also aims to become profitable in the next 12 to 15 months.
Zepto’s funding is a sign of investor confidence in the Indian startup ecosystem. The startup’s success is also a testament to the growing demand for online grocery delivery in India.
The funding will help Zepto to accelerate its growth and become a leading player in the Indian grocery delivery market.
