Brief by Shorts91 Newsdesk / 11:13am on 25 Aug 2023,Friday Business
Indian grocery delivery startup Zepto has raised $200 million in fresh funding at a $1.4 billion valuation, becoming the first Indian unicorn in nearly a year. The Mumbai-based startup, founded in 2021 by two 19-year-old Stanford dropouts, promises 10-minute grocery deliveries. The funding round was led by US firms StepStone Group and Goodwater Capital. Existing investors including Nexus Venture Partners also participated. Zepto will use the funds to expand operations in seven Indian cities where it already makes $50-60 million in monthly revenue. The quick commerce sector is heating up with Zepto competing against SoftBank-backed Swiggy and Blinkit.
