Indian quick-commerce startup Zepto has surpassed the annualised sales milestone of $1 billion within just 29 months of its inception, Goldman Sachs wrote in a note Thursday, citing the Zepto management.
The startup, which competes with Zomato-owned Blinkit and SoftBank-backed Swiggy, has also expanded its market share “close to that of the number 2 player,” the report said. Zepto, which became a unicorn last year, counts YC Continuity, StepStone Group, Glade Brook Capital and Lachy Groom among its backers.
Zepto, which offers delivery of items from a range of categories including grocery and electronics to customers within 10 minutes, expects its gross order value, representing the average purchase amount on its platform, to increase by more than 100% on a year-over-year basis for the next several years.
“Zepto believes quick-commerce platforms are well-positioned vs Kiranas (traditional grocery retailers) due to (1) sourcing advantage which results in better pricing; (2) product assortment (5x higher of SKUs); (3) quality control; (4) delivery time (ability to deliver in under 15 mins). Zepto believes it can expand into 40-50 cities over time,” the report added.
This is a developing story. More to follow.
