Zepto raised $100 million funding in Series C round, which skyrocketed its valuation to $570 million.
Within just five months, 10 mins grocery delivery app Zepto on Tuesday has raised $100 million in a Series C round led by Y Combinator's Continuity Fund at a valuation of $570 million.
Zepto said "It has been growing quickly and is tripling its user base every month. Over the past two months, Zepto has expanded beyond Mumbai".
The Series C fundraising round includes new and existing investors - Glade Brook, Nexus, Breyer Capital, Lachy Groom, Global Founders Capital, Contrary Capital, and more.
“Delivering groceries in 10 minutes is a game-changing experience for customers, and it reflects in our strong product-market fit metrics", mentioned by the firm.
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Zepto's has experienced senior executives from Flipkart, Uber, Dream11, Pharmeasy, PepperFry, and Amazon. Company claims to have 100 dark stores, or micro-warehouses and now delivers over 2,500 items.
Zepto will get 10,000 orders per day by January. CEO Aadit Palicha further added that the startup is aiming to achieve the target of $1 Billion in annualised sales over the next four to six quarters.