Business

IIE Digital Desk : Grocery delivery startup Zepto has raised $200 million in a new funding round, valuing the company at $1.4 billion. The round was led by Tiger Global and Accel Partners, with participation from other investors such as Sequoia Capital India, Y Combinator, and General Catalyst. Zepto was founded in 2021 by Aadit Palicha and Kaivalya Vohra. The company offers a 10-minute grocery delivery service in select cities in India. Zepto has seen rapid growth in recent months, and the new funding will be used to expand its operations to more cities.

The funding round comes at a time when the Indian grocery delivery market is booming. Other startups in the space include Blinkit, Grofers, and BigBasket. Zepto's valuation of $1.4 billion makes it the first Indian unicorn of 2023.

The company's success is due to its focus on speed and convenience. Zepto promises to deliver groceries within 10 minutes of placing an order. The company has also been able to keep prices low, which has made it attractive to consumers. Zepto's funding round is a sign of the growing investor interest in the Indian grocery delivery market. The company is well-positioned to capitalize on this growth and become a major player in the space.