- Zepto aims to raise $400 million at a $4.6 billion valuation, up from $3.6 billion.
- Just a week ago, Zepto raised $665 million from investors like Glade Brook, Nexus, and Lightspeed.
- It was the first Indian unicorn of last year, raising $200 million at a $1.4 billion valuation.
Mumbai-based quick commerce startup Zepto is on a funding spree as it is now looking forward to raising more funds at a higher valuation. According to a report, the startup is in words with multiple investors to raise around $400 million at a likely valuation of $4.6 billion.
Zepto raised $665 million at a valuation of $3.6 billion from investors such as Glade Brook, Nexus, and Lightspeed, among others, just a week ago. And the new funding will be 25% higher than the previous round of funding.
Additionally, Zepto's revenue surged 14.3X to INR 2,024.3 crore in FY23, while net loss jumped 3.4X year-on-year to INR 1,272.4 crore.
Founded in 2021 by Aadit Palicha and Kaivalya Vohora, it currently has 50,000 delivery partners, adding about 5,000 new partners each month. Last year, the company was the first Indian company to secure unicorn status that year, as it raised $200 million in a new funding round at a valuation of $1.4 billion.
Some of the competitors in the quick commerce segment include Zomato-backed Blinkit and Swiggy Instamart. The competition will boost as Walmart-owned Flipkart also aims to launch similar quick commerce services across Delhi, Mumbai, and Bengaluru.
Zepto currently has around 350 dark stores (small warehouses close to high-demand areas) in 10 cities and plans to expand to 700 by March 2025. Blinkit also aims to expand its dark-store network to 1,000 by March 2025 from 526 as of March 2024. Swiggy has 487 dark stores.
Edited by Harshajit Sarmah
