After operating in stealth mode for 6 months, Zepto publicly announces an early-stage round of US $ 60 million to expand 10-Minute Grocery Delivery nationwide. 19-year-old founders Aadit Palicha and Kaivalya Vohra left behind computer science degrees at Stanford University to build Zepto. The startup was backed by institutional investors like Glade Brook Capital, Nexus, and Y Combinator individual investors, including Lachy Groom, Neeraj Arora, Manik Gupta and more.
With its optimized network of ‘cloud stores’ or micro-warehouses, Zepto can consistently deliver in 10 minutes through a combination of technical and operational excellence. Why 10 minutes? Co-founder and chief technical officer Kaivalya Vohra, answers, “Simply put, customers love a rapid delivery experience. The data speaks for itself – once we started delivering in 10 minutes, our NPS shot up and has constantly remained at around 85 with a 50%+ Week-on-Week user retention rate, which shows the incredibly strong customer love for our product.”
Zepto is expanding quickly across Mumbai, Bengaluru and Delhi-NCR and will be launching in key areas across Hyderabad, Chennai, Pune and Kolkata in the next 30 days. With its Tech Office in Bengaluru and Operations HQ in Mumbai, Zepto has also built a strong team to manage their pace of growth. Its management includes senior leaders from some of the nation’s largest startups including Flipkart, Uber, Dream11, Pharmeasy, and Pepperfry, to name a few.
Aadit Palicha, co-founder and chief executive officer, says, “Q-Commerce in India is an opportunity of epic proportions and strong unit economics. We’ve been ignoring the noise and executing heads-down for a long time to perfect this model, and our efforts are paying off. Today, we’re consistently growing 200% every single month with an unstoppable team, robust product infrastructure, and deep access to institutional capital.”
Board Members and Investors are equally bullish on the Company’s trajectory. “Quick eCommerce is poised to transform how many shop around the world. Zepto has emerged as a leader in India, with exponential growth and best-in-class execution. We look forward to partnering as Zepto brings a magical consumer experience across India”, said Paul Hudson, CIO at Glade Brook Capital.
Suvir Sujan, managing director at Nexus Venture Partners, added, “We are delighted to be partnering with the Zepto team. They are disrupting eCommerce in India in a way we’ve never seen before and we’re super impressed by their innovative mindset, technology first thinking, and lightning-fast execution.”