The 10-minute grocery delivery firm Zepto raised $60 million from Glade Brook Capital, Nexus Venture Partners and Y Combinator. The funding round also saw individual investors like Lachy Groom, Neeraj Arora and Manik Gupta, valuing the company at around $225 million.
The company will utilise these funds to expand operations in the country and strengthen up its human capital. Zepto is targeting to have a 900 employees team in some period. Founded by Aadit Palicha and Kaivalya Vohra, Zepto allows quick grocery delivery to customers through micro-warehouses.
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Palicha, in a media interaction, had said that the average delivery time on its platform is 8.47 minutes. He said that the entire process of assorting and packaging the products is placed in less than a minute. The firm was in beta mode for the last six months in Delhi, Mumbai and Bangalore, but now it is expanding fastly and plans to reach areas like Hyderabad, Chennai, Pune and Kolkata in the next 30 days. “Q-Commerce in India is an epic opportunity of relationships and strong unit economics. We have been concentrating for a long time to perfect this model, and our efforts are paying off,” Palicha added.