Zepto, has announced its $100M Series C fundraise. Y Combinator’s Continuity Fund lead the round, with participation from new and existing investors, including Glade Brook, Nexus, Breyer Capital, Lachy Groom, Global Founders Capital, Contrary Capital, and more. This Series C round comes just 45 days after the Company announced its $60M fundraise in November.
Zepto-the 10-minute grocery app, was launched five months ago. Over the past 2 months, Zepto has expanded beyond Mumbai by launching in Bangalore, Delhi, Gurgaon, Chennai, Hyderabad and Pune - with Kolkata soon to follow, it said in a press statement.
Aadit Palicha, Co-Founder & CEO, said, “Investors are consistently choosing to back Zepto because of our best-in-class execution.”
With this injection of capital, Zepto plans to expand coverage across multiple cities in India and scale its team rapidly and is currently hiring across all functions, including operations, supply chain, marketing, finance, product, engineering, and human resources.
Co-Founder & CTO, Kaivalya Vohra said, “Delivering groceries in 10 minutes is a game-changing experience for customers and it reflects in our strong product-market fit metrics. Today, our Month-on-Month Buyer retention is 65 percent with an 88-point Net Promoter Score (NPS). This data has given us the confidence to expand the 10-minute model across the country. In just fivemonths, we’ve launched 100 micro-warehouses - each of which has the capacity to do 2,500+ orders/day - and we’re planning to launch at an even faster rate going forward.”
Anu Hariharan from Y Combinator said, “We are excited to double down and lead this round in Zepto (YC W21). We are confident Zepto will win in this space over the long-term.”
