New Delhi: Fast commerce firm Zepto on Friday said it had raised $665 million (around Rs 5,560 crore) in the latest funding round that valued the company at $3.6 billion, almost triple its value. a year ago.
The huge fundraising comes less than a year after the Mumbai-based startup raised $235 million at a valuation of $1.4 billion.
The funding round saw participation from new investors Avenir, Lightspeed and Avra, along with existing investors Glade Brook, Nexus and StepStone, Goodwater and Lachy Groom.
"We've gone from 0 to over a billion in sales, or GMV, in 29 months, that's faster than any other Internet company before us... Even on a $1 billion-plus basis right now , we are growing more than 100 percent year over year and that for us is one of the big drivers of this fundraising," said Zepto co-founder and CEO Aadit Palicha.
The young businessman attributed the growth to the performance of the fast-trading company, saying: “This is largely due to the input excellence we have built throughout the supply chain.
"Whether it's excellence in sourcing, efficiency of the parent center, utilization of the transportation line or our last mile, the innovation that we have done or the forecasts, we are in this place where, although we have been able to grow, "We have have been able to drive efficiencies to bring the business close to total operating cash flow positive today."
He said the overall business is close to operating with balanced cash flow.
Nearly 75 percent of the company's stores are fully EBITDA positive by May 2024, he said.
"Over the next 12 to 18 months, although it could fluctuate, we will still be pretty close to positive operating cash flow, and the idea is to maintain that direction, get the business to a place where we can trade for the next 9-12 months," said.
Zepto co-founder and CTO Kaivalya Vohra said the company plans to hire top talent in engineering, product, growth, finance, operations and category management.
"If you're looking for high growth, high meritocracy, and a high-intensity culture where you can turn hard work and ambition into disproportionate career growth, Zepto is the place for you," he said.
The huge fundraising comes less than a year after the Mumbai-based startup raised $235 million at a valuation of $1.4 billion.
The funding round saw participation from new investors Avenir, Lightspeed and Avra, along with existing investors Glade Brook, Nexus and StepStone, Goodwater and Lachy Groom.
"We've gone from 0 to over a billion in sales, or GMV, in 29 months, that's faster than any other Internet company before us... Even on a $1 billion-plus basis right now , we are growing more than 100 percent year over year and that for us is one of the big drivers of this fundraising," said Zepto co-founder and CEO Aadit Palicha.
The young businessman attributed the growth to the performance of the fast-trading company, saying: “This is largely due to the input excellence we have built throughout the supply chain.
"Whether it's excellence in sourcing, efficiency of the parent center, utilization of the transportation line or our last mile, the innovation that we have done or the forecasts, we are in this place where, although we have been able to grow, "We have have been able to drive efficiencies to bring the business close to total operating cash flow positive today."
He said the overall business is close to operating with balanced cash flow.
Nearly 75 percent of the company's stores are fully EBITDA positive by May 2024, he said.
"Over the next 12 to 18 months, although it could fluctuate, we will still be pretty close to positive operating cash flow, and the idea is to maintain that direction, get the business to a place where we can trade for the next 9-12 months," said.
Zepto co-founder and CTO Kaivalya Vohra said the company plans to hire top talent in engineering, product, growth, finance, operations and category management.
"If you're looking for high growth, high meritocracy, and a high-intensity culture where you can turn hard work and ambition into disproportionate career growth, Zepto is the place for you," he said.
