Mumbai-based 10 minutes grocery delivery startup Zepto has raised 100 million led by YC Continuity. Some new and existing investors including Glade Brook, Nexus, Breyer Capital, Lachy Groom, Global Founders Capital and Contrary Capital also participated in the fresh round. The company is now valued at 570 Million.
This funding round came in just 45 days after the company raised $60 million. The company has raised a total of $169 million so far.
Zepto was founded by Stanford University dropouts Palicha and Kaivalya Vohra. They launched Zepto in April this year with apromise to deliver groceries in 10 minutes.
“We are growing 200% month-on-month. Since the last round, we have grown 10-fold in terms of volume. We are planning to increase our volume by 10x in the next 2-3 months,” cofounder Aadit Palicha said.
The fresh funds will be used to scale teams and expand across multiple cities in India. The company began ints operations in Mumbai and expanded to Bengaluru, Delhi, Gurugram, Chennai, Hyderabad and Pune in the past two months.
Zepto competes against BlinkIt (formerly Grofers), Swiggy and Ola. More players are also looking to enter into hyper-competitive fast grocery delivery segment. BlinkIt is seeking more investment from Zomato and Swiggy has also invested $700 million in Swiggy Instamart.
