Zepto, a 10-minute delivery app, raises $665 million at $3.6 billion valuation
Zepto has more than doubled its valuation to $3.6 billion from $1.4 billion in less than a year in a new funding round of $665 million as the Mumbai-based startup intensifies the quick commerce competition in the world’s second largest internet market.
Zepto sells and delivers everything from grocery items to electronic gadgets within 10 minutes to consumers in urban Indian cities. The rapid-delivery model is thriving in India even as most startups in the space have cratered in developed markets.
Glade Brook, Nexus and StepStone Group co-led the “highly oversubscribed” Series F round, Zepto said. Avenir, Lightspeed and Avra (former YC Continuity exec Anu Hariharan’s new fund) as well as existing backers Goodwater, Lachy Groom and Contrary also invested in the round, the startup said.
DST Global, an early backer of Swiggy, a Zepto rival, also co-led the new funding round, according to two people familiar with the matter. Zepto didn’t disclose DST Global’s participation in the new funding round and declined to comment.
