Quick commerce startup Zepto raises over $31 million in extended funding round

economictimes.indiatimes.com:

Quick commerce unicorn Zepto has raised $31.25 million in a fresh funding round from existing investors such as Goodwater Capital and Nexus Venture Partners.

The round also saw participation by Mangum II LLC as well as angel investors such as Oliver and Lish Jung, according to company filings. It was also at the same valuation as the last funding round in August, a person in the know told ET. The development was first reported by Deal Street Asia.

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In August, Zepto became the first unicorn to be minted in India this year when it raised $200 million at a $1.4 billion valuation from investors such as StepStone Group, Goodwater Capital, Nexus Venture Partners, Glade Brook Capital, and others.
In October, Zepto’s financial results showed that its revenue grew over 14 times to Rs 2,024 crore for the financial year ended March 2023, from Rs 142.4 crore a year earlier. However, it incurred a loss of Rs 1,272 crore in FY23, over three times more than the Rs 390.4 crore loss posted in the previous year.

At the time, the firm had said it was looking to achieve “Ebitda breakeven (excluding ESOP and other statutory non-cash line items) in 10 months while continuing to grow the business meaningfully”.

“In FY24, we definitely expect to multiply the business meaningfully… we expect to grow at least more than 2x,” cofounder and chief executive Aadit Palicha had told ET.

During a panel discussion at The Economic Times Startup Awards earlier this month, Palicha had