Two 20-Year-Olds Beat Grim Market to Mint India’s Newest Unicorn

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Zepto, an instant grocery startup founded by a duo of Stanford University dropouts, both 20, raised fresh funds at a $1.4 billion valuation, creating a rare Indian unicorn amid a gloomy venture funding climate.

StepStone Group, Goodwater Capital and others invested a combined $200 million in the Mumbai-based company, it said Friday in a statement. Zepto, built with backing from startup incubator Y Combinator, said it’s on track to turn profitable within 15 months and intends to go public in two to three years.

“Quick commerce is India’s fastest-growing consumer internet category, scaling far more rapidly than segments like ride-hailing and food delivery,” Palicha said over video conference. “We are India’s fastest-growing consumer internet company and will be Ebitda-positive within 15 months.” Startup momentum is sputtering worldwide. Venture funding declined by about 72% in the first half of the year compared with the same period in 2022, according to data from Tracxn Technologies Ltd. No new unicorns were created in the country the first half, compared with 19 unicorns minted in the year-earlier period, according to Tracxn.

 

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