Indian grocery startup Zepto raises new funds at $900 million valuation

MUMBAI : Indian grocery startup Zepto said on Tuesday it has raised $200 million in fresh funding that values the company around $900 million, signalling growing investor interest in a sector where companies are luring customers with quick 10-minute deliveries.

It also saw participation from a new investor, U.S.-based healthcare giant Kaiser Permanente, and all of Zepto's key existing investors including Nexus Venture Partners, the company said in a statement on Tuesday. Aadit Palicha, Zepto's co-founder and CEO, told Reuters the company was offering services in 11 cities and plans to use the new funds to expand to as many as 24 new cities within the next quarter.

Research firm RedSeer says India's 'quick commerce' sector, worth $300 million last year, will swell 10-15 times to $5 billion by 2025. India’s overall grocery retailing industry is far bigger and worth an estimated $600 billion.

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