Zepto Startup Funding News
Zepto, a 10-minute delivery service for groceries, Zepto has attracted a lot of attention from both investors. While customers are impressed by its speedy delivery service, huge American tech investors are optimistic about the company's prospects for the future.
Zepto is a Mumbai-based company that has plans to raise over $250 million in a fresh round, as per three sources who are aware of the deal.
One anonymous person familiar with the details of the deal told us that Zepto had already committed about $125 million, half of the round size is in conversation to raise another $125 million from existing and new investors.
According to the sources, the talks are past the early stage, as the conditions of the agreement are being worked out. With the addition of funds, the value is expected to rise. "The company will be valued at about $1 billion (post-money) after this round," according to a person who also asked to remain anonymous.
Entrackr couldn't identify the names of investors who could be part of the round. Y Combinator, Glade Brook Capital, Nexus, Global Founders Capital are its current supporters. Zepto recently raised $60 million with a value of $250 million. The queries addressed at Zepto or Y Combinator didn't elicit immediate responses.
Zepto will become one of the fastest startups to reach unicorn status if the deal is approved. The marketplace roll-up system Mensa Brands recently became a unicorn within six months from its beginning. Professional network platform Apna also achieved the feat within 21 months.
Zepto allows online grocery orders and can deliver the groceries within 10 minutes to some locations in Mumbai, Bengaluru, Hyderabad and Delhi (NCR). According to the company's website, the service will soon be available in Kolkata along with Pune.