Quick delivery platform and Blinkit\u2019s rival Zepto on Friday said it had raised $665 million at a $3.6 billion valuation in a highly oversubscribed round — just nine months after the company raised $235 million at a $1.4 billion valuation.Avenir, Lightspeed and Avra (Anu Hariharan\u2019s new fund) joined the company\u2019s cap table as new investors, among others.<\/p>\n\n\n\n
Existing investors Glade Brook, Nexus, and StepStone co-led the round with Goodwater and Lachy Groom doubling down as well, the company said in a statement.<\/p>\n\n\n\n
“This dynamic of stores turning profitable faster and faster has enabled Zepto to grow rapidly while simultaneously achieving near EBITDA positivity at a company level,\u201d said Aadit Palicha, Zepto\u2019s Co-founder and CEO.<\/p>\n\n\n\n
\u201cWe plan to continue operating with fiscal discipline as we scale from 350 stores to 700 stores by reinvesting the capital generated from mature stores back into the business,\u201d he added.<\/p>\n\n\n\n
If the company is able to achieve this while continuing to delight customers, \u201cI believe we will be ready to go public relatively soon.\u201d<\/p>\n\n\n\n
In terms of business performance, Zepto\u2019s gross merchandise value (GMV) has multiplied year-on-year to a base of more than $1 billion, and 75 per cent of the company\u2019s stores are fully EBITDA positive (as of May).<\/p>\n\n\n\n
With the new round of funding, \u201cWe plan to hire top talent across engineering, product, growth, finance, operations, and category management,\u201d said Kaivalya Vohra, Co-founder and CTO, Zepto.<\/p>\n\n\n\n
Founded in 2021 by Stanford University dropouts, Aadit Palicha and Kaivalya Vohra, Zepto became one of India\u2019s fastest-growing internet companies.<\/p>\n\n\n\n
Headquartered in Mumbai, Zepto delivers over 10,000 products, ranging across categories in 10 minutes.<\/p>\n\n\n\n
\u201cThe Zepto team embodies what is possible for the next generation of Indian founders, and Glade Brook could not be more excited to continue our partnership,\u201d said Paul Hudson, CIO of Glade Brook Capital Partners. AGENCIES<\/p>\n","protected":false},"excerpt":{"rendered":"
Quick delivery platform and Blinkit\u2019s rival Zepto on Friday said it had raised $665 million at a $3.6 billion valuation in a highly oversubscribed round — just nine months after the company raised $235 million at a $1.4 billion valuation.Avenir, Lightspeed and Avra (Anu Hariharan\u2019s new fund) joined the company\u2019s cap table as new investors, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"footnotes":"","_jetpack_memberships_contains_paid_content":false,"jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[87],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\n