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Zepto becomes first unicorn of India in 2023

Livemint

Livemint · 1y ago

Zepto becomes first unicorn of India in 2023

Zepto, an Indian quick commerce startup, raised a substantial amount in funding led by StepStone Group, marking the firm's first direct investment in an Indian company. Goodwater Capital also joined as a new investor. Zepto's existing investors, including Nexus Venture Partners, Glade Brook Capital, and more, also increased their investments. Zepto, which delivers groceries in 10 minutes, plans to go public in the next two to three years. Despite the challenging capital market conditions, Zepto has displayed strong operational discipline, turning the majority of its dark stores EBITDA positive and reducing burn. The company has achieved 300% YoY sales growth and aims to achieve $1 billion in annualized sales soon.

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This early investor of Zepto has three other unicorns in his portfolio

Business Today

Business Today · 1y ago

This early investor of Zepto has three other unicorns in his portfolio

Hershel Mehta, an experienced investor and entrepreneur, backed early-stage start-up Zepto in 2020, even before it received funding from Y Combinator. Zepto recently became India's first unicorn in 2023, raising $200 million at a $1.4 billion valuation. Mehta believes Zepto's success is due to strong hiring and unmatched execution by its founders. He's also invested in other unicorns like Oyo, Axiom Space, and CoinDCX, following a strategy of supporting strong founders targeting large markets like India. Despite concerns about a crowded market, Zepto outperformed expectations by promising 10-minute grocery deliveries.

147 Indian startups likely to become unicorns in 5 years: Report

Inshorts · 2y ago

147 Indian startups likely to become unicorns in 5 years: Report

According to the 'ASK Private Wealth Hurun India Future Unicorn Index 2023' report, India is expected to have 147 unicorn companies in the next five years. The report highlights that there are presently 51 gazelles, which are likely to achieve unicorn status within three years, and 96 cheetahs, which are anticipated to attain unicorn status within five years. The report also includes startups like Zepto and Rapido in the list of potential future unicorns.

Zepto aims for Rs 10,000-crore sales in coming months: CEO Aadit Palicha

Economic Times

Economic Times · 1y ago

Zepto aims for Rs 10,000-crore sales in coming months: CEO Aadit Palicha

Zepto, the quick-commerce platform and India's first unicorn of 2023, aims to achieve over Rs 10,000 crore in overall sales in the near future. The company is also targeting profitability within the next 10-12 months and plans to go public thereafter. Zepto recently raised $200 million in funding and plans to expand its presence in existing markets while investing in additional offerings such as Zepto Cafe. Despite the challenging market conditions, Zepto remains focused on execution and internal rigour to drive its success.

$1.4-bn valuation isn't a meaningful long-term metric: Zepto CEO

YouTube · 1y ago

$1.4-bn valuation isn't a meaningful long-term metric: Zepto CEO

The recent $1.4 billion valuation attained by Zepto, becoming the first unicorn of 2023, holds little significance as a long-term measure, according to Aadit Palicha, Co-founder and CEO. While acknowledging the positive feeling, Palicha stressed that the valuation's true importance lies in its trajectory in 2033. He emphasized that their focus is on the work ahead rather than getting caught up in the vanity of achieving unicorn status.

Zepto earns 2024 cr and loses 1272 cr this year

Economic Times

Economic Times · 1y ago

Zepto earns 2024 cr and loses 1272 cr this year

Zepto, India's first unicorn of 2023, reported a substantial increase in revenue for FY23, reaching Rs 2,024 crore, compared to Rs 142.4 crore in the previous year. However, the company incurred a loss of Rs 1,272 crore, three times larger than the Rs 390.4 crore loss in the prior year. Zepto aims to achieve EBITDA breakeven within 10 months while continuing growth. The expansion into new territories drove their revenue growth. Zepto competes in the quick commerce sector against Swiggy Instamart, BlinkIt (Zomato-owned), and BBNow (BigBasket).

Average unicorn time for startups down to 5.5 years: Report

Economic Times

Economic Times · 1y ago

Average unicorn time for startups down to 5.5 years: Report

According to a report by Orios Venture Partners, the average time for an Indian startup to become a unicorn has decreased from 8.4 years in 2022 to 5.5 years in 2023. India ranks third globally in terms of producing unicorns, but only two companies reached a valuation of over $1 billion last year. Despite a challenging liquidity environment, achieving unicorn valuations demonstrates the growth potential of the market. Zepto, a quick commerce startup, and fintech firm InCred were among the newly minted unicorns in 2023.

US-based StepStone Group’s debut Indian investment propels Zepto to unicorn status

Business Today

Business Today · 1y ago

US-based StepStone Group’s debut Indian investment propels Zepto to unicorn status

New York-headquartered private markets investment firm StepStone Group has led a $200-million Series E funding in to quick commerce start-up Zepto, helping it become the first unicorn of the year in India. The deal valued the Bengaluru-based company at $1.4 billion. The transaction marks the first direct investment of StepStone in an Indian company.

InCred to enter insurance business

Entrackr

Entrackr · 1y ago

InCred to enter insurance business

Fintech platform InCred is set to enter the insurance business by applying for a Corporate Insurance Agency License from the Insurance Regulatory and Development Authority of India (IRDA). The Mumbai-based NBFC is raising Rs 500 crore in a Series D round and aims to improve its lending products. This funding round will make InCred a unicorn, becoming the second Indian unicorn of 2023 after Zepto. InCred has disbursed loans worth Rs 18,000 crore and reported a profit before tax of Rs 170 crore in H1 FY24.

Zepto, Blinkit adding fashion, electronics, beauty and more

Economic Times

Economic Times · 1y ago

Zepto, Blinkit adding fashion, electronics, beauty and more

Zomato-owned Blinkit and Mumbai-based Zepto are expanding their quick commerce platforms to include categories like fashion, beauty, electronics, toys, and home and kitchen products. Zepto, the first unicorn of 2023, has reached $1 billion in annualized gross sales. Both platforms will add thousands of new products and strengthen their logistics networks to facilitate faster delivery. The move into fashion is still in its early stages, but the platforms aim to become go-to destinations for shoppers, particularly in cases where clothes and garments are needed quickly. These expansions will significantly impact established e-commerce rivals like Flipkart and Amazon, as well as local kirana stores.

How much money has Zepto, founded by two dropouts at age 19, raised so far?

Inshorts · 1y ago

How much money has Zepto, founded by two dropouts at age 19, raised so far?

Quick commerce startup Zepto, founded by Stanford dropouts Aadit Palicha and Kaivalya Vohra at age 19, raised $60 million in October 2021. Later in December 2021, it raised $100 million in Series C, followed by $200 million in May 2022. Zepto became a unicorn in 2023 after raising $235 million. It has now raised $665 million at $3.6 billion valuation.

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