Zepto's Meteoric Growth: Quick Commerce Firm Raises $665M, Triples Valuation
Quick commerce company Zepto has raised $665 million in a new funding round, tripling its valuation to $3.6 billion from last year. The investment round saw participation from both new and existing investors. The company credits its rapid growth to supply chain efficiency and aims for an IPO within 9-12 months.
![Zepto's Meteoric Growth: Quick Commerce Firm Raises $665M, Triples Valuation](https://devdiscourse.blob.core.windows.net/aiimagegallery/21_06_2024_06_12_28_3859411.png)
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In a dramatic financial leap, quick commerce company Zepto announced on Friday that it successfully raised $665 million in its latest funding round, valuing the firm at a staggering $3.6 billion. This marks nearly a threefold increase from a year ago.
Less than a year ago, the Mumbai-based startup raised $235 million, achieving a valuation of $1.4 billion. The recent funding round drew interest from new investors such as Avenir, Lightspeed, and Avra, alongside longstanding backers including Glade Brook, Nexus, and StepStone, Goodwater, and Lachy Groom.
Zepto's Co-founder and CEO Aadit Palicha attributed the startup's rapid ascent to its efficient supply chain. "We've gone from $0 to $1 billion-plus in sales, or GMV, in just 29 months, faster than any other internet company," he told PTI. The young entrepreneur added, "Our growth is driven by input excellence in areas like sourcing, mother hub efficiency, and last-mile innovations."
Remarkably, the company is nearing full operational cash flow positivity, with nearly 75% of its stores fully EBITDA positive as of May 2024. Co-founder and CTO Kaivalya Vohra added that Zepto plans to recruit top talent to sustain its growth. "If you're seeking a high-growth, high-meritocracy culture, Zepto is the place for you," Vohra stated.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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- E-Commerce
- IPO
- Cash Flow
- Engineering Talent
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