Mumbai grocery startup founded by teens raises $100 million, valuation soars to $570 million in 5 months
Zepto, which claims to deliver groceries in minutes, has more than quadrupled its investment in two months as a result of this. According to estimates, it previously raised $60 million at a valuation of $225 million.
FollowZepto, a Mumbai-based online grocery startup, announced a Rs $100 million funding round headed by its previous growth-stage investor YC Continuity Fund on Tuesday. The firm was created by two adolescent Stanford University dropouts and had a valuation of $570 million, which was recently raised in a Series C investment. Glade Brook, Nexus Venture Partners, Breyer Capital, Lachy Groom, Global Founders Capital, and Contrary Capital were among the new and current investors who took part in this round. Zepto, which claims to deliver groceries in minutes, has more than quadrupled its investment in two months as a result of this. According to estimates, it previously raised $60 million at a valuation of $225 million.
According to a source, key leaders from global rapid commerce startups have also invested in the company, including Nilam Ganenthiran, president of Instacart, and Ravi Inukonda, vice president of Doordash. Zepto intends to use this money to extend its coverage across various locations in India and rapidly increase its staff. The firm is presently hiring across all departments, including operations, supply chain, marketing, finance, product, engineering, and human resources. Aadit Palicha and Kaivalya Vohra, both 19, founded the firm in April of this year, and it has gone a long way since then.
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On Tuesday, the business said that this is the biggest investment YC Continuity has ever made in an Indian startup. As the name implies, the investment behemoth primarily invests in Y Combinator alumni companies and has previously invested in Doordash, Instacart, and Stripe, among others. Zepto claims to be rapidly expanding, doubling its user base every month. Zepto has grown outside Mumbai in the last two months, opening offices in Bengaluru, Delhi, Gurugram, Chennai, Hyderabad, and Pune, with Kolkata to come soon. According to the reports, the business would employ across departments such as operations, supply chain, marketing, finance, product, engineering, and human resources.
