Subhechcha Ganguly 
Two 20-year-old Stanford dropouts founded Zepto, an online grocery delivery firm, and raised $200 million in its Series-E fundraising round. Due to this accomplishment, the company’s worth has increased to $1.4 billion, making it the first unicorn of 2023.In the Series-E fundraise for Zepto, the US-based private markets investment firm StepStone Group is in the driver’s seat. Zepto was created in response to the difficulties the pandemic presented.
Additionally, this purchase marks StepStone Group’s first direct investment in an Indian business. In addition, a new investor has joined the investment round in the form of Goodwater Capital, a venture capital firm in California that specialises in consumer-centric enterprises. It’s important to note that current investors in Zepto, such as Nexus Venture Partners, Glade Brook Capital, Lachy Groom, and others, have boosted their commitments to the company significantly during this round.
Zepto works by quickly delivering a variety of more than 6,000 supermarket items in just 10 minutes. A nationwide distribution network made up of delivery hubs enables the provision of this service. Although this business model has earned the moniker “quick commerce,” it has come under fire for its high financial outlay and the lack of a strong, long-lasting organisational structure.
According to the company’s statement, sales have increased by a staggering 300% year over year, and they are on track to potentially reach the milestone of $1 billion in annualised sales in the next quarters.
