Key Points
MUMBAI, Aug 25 (Reuters) - Indian grocery startup Zepto said on Friday it has raised $200 million in fresh funding at a valuation of $1.4 billion, making it the first startup in the country to cross the billion-dollar valuation mark in nearly a year...
Zepto said it raised the funds "in the midst of the deepest downturn in capital markets in over a decade" from U.S-based investment firms StepStone Group and Goodwater Capital..
Zepto, which promises delivery of groceries in 10 minutes, was started in 2021 by two 19-year-old Stanford dropouts, and competes with SoftBank-funded Swiggy and Blinkit, which are all betting on fast deliveries in the so-called quick commerce sector..
Zepto plans to use the funds to go deeper into the seven Indian metros it is currently present in, including Delhi, Mumbai and Bengaluru, where it makes a monthly revenue of $50 million-$60 million, Palicha told Reuters...
The company will consider expanding to new cities after a year, Palicha said.. Zepto was valued at $900 million when it last raised funds in May 2022..
