By Administrator_India
Capital Sands
Quick commerce platform Zepto, which was launched five months back by two teenage Stanford dropouts, has raised $100 million in its Series C round at a valuation of $570 million. The company said that its last funding round of $60 million was 45 days back and its valuation has doubled since then.
Aadit Palicha, CEO and co-founder of Zepto, told Business Standard, “Our median delivery time is 8 minutes 24 seconds and our average order values are 20-30 per cent higher than that of food delivery companies. We are planning to launch in a few dozen cities, but have not zeroed in on which ones we will go to as yet”
Silicon Valley accelerator Y Combinator’s Continuity Fund led the round, with participation from new and existing investors, including Glade Brook, Nexus, Breyer Capital, Lachy Groom, Global Founders Capital, Contrary Capital, and others.
The company said it has been tripling its user base every month. Over the past 2 months, Zepto has expanded beyond Mumbai by launching in Bangalore, Delhi, Gurgaon, Chennai, Hyderabad and Pune and a launch in Kolkata is on the cards.
Kaivalya Vohra, co-founder and CTO, said: “Today, our month-on-month buyer retention rate is 65 per cent with an 88-point Net Promoter Score. This data has given us the confidence to expand the 10-minute model across the country.”
“In just 5 months, we’ve launched 100 micro-warehouses – each of which has the capacity to do over 2,500 orders/day – and we’re planning to launch at an even faster rate going forward,”
