10-minute grocery delivery app Zepto raises $60 mn

Quick grocery delivery app Zepto on Monday said it has raised $60 million in an early-stage round to expand its 10-minute delivery service nationwide.

Zepto said that with its network of 'cloud stores' or micro-warehouses, it is able to consistently deliver in 10 minutes through a combination of technical and operational excellence.

"The data speaks for itself & once we started delivering in 10 minutes, our NPS (net promotor score) shot up and has constantly remained at around 85 with over 50 per cent week-on-week user retention rate, which shows the incredibly strong customer love for our product," said Kaivalya Vohra, Founder and CTO.

Aadit Palicha and Vohra, both computer science graduates from Stanford University in the US, have built Zepto this year with backing from institutional investors like Glade Brook Capital, Nexus and Y Combinator, along with individual investors.

Zepto said it is expanding quickly across Mumbai, Bengaluru and Delhi-NCR and will be launching in key areas across Hyderabad, Chennai, Pune and Kolkata in the next 30 days.

Its management includes senior leaders from Flipkart, Uber, Dream11, Pharmeasy and Pepperfry, to name a few.

"Q-Commerce in India is an opportunity of epic proportions and strong unit economics. Today, we're consistently growing 200 per cent every single month with an unstoppable team, robust product infrastructure, and deep access to institutional capital," said Palicha.