Adit Palicha, the co-founder and CEO of Zepto, declared with assurance that the 10-minute grocery delivery service is expected to overtake D-Mart in sales in the next 18 to 24 months.
"D-Mart is a $30 billion firm, but in terms of revenue, they are only 4.5 times larger than us. If we continue to develop at a rate of two to three times a year, we may overtake them in the next 18 to 24 months. "This would be an incredible accomplishment for a company that prioritizes its customers," Palicha said during the JIIF Foundation Day celebration in Delhi.
Palicha estimates that the grocery business in India will be about $650 billion in FY 2023 and will increase by 9% to reach $885 billion by the end of FY 2029. Zepto plans to focus on 50 to 75 million households in the top 40 cities across the country.
"The grocery category is larger than the combined categories of Amazon and Flipkart." We're becoming into the mother of all classifications. Our trip over the past three years has been amazing. We are the fastest-growing firm in Internet India, having grown from nothing to ₹10,000 crores in less than three years. It took Flipkart 2.5 years to complete.
Palicha has big aspirations to build Zepto in the upcoming years, from ₹10,000 crores to ₹2.5 lakh crores. Zepto has spent the last few months raising a ton of money. It recently completed a Series D investment round spearheaded by the Continuity Fund of American software startup accelerator Y Combinator, raising $200 million at a $900 million valuation. In January, Zepto conducted a Series C financing headed by the Continuity Fund, raising $100 million at a $570 million value. The $60 million was acquired in November. The business has raised $360 million thus far.
In 2021, Adit Palicha and Kaivalya Vohra founded Zepto. The business delivers groceries in less than ten minutes through a network of cloud retailers. Other major players in this sector include Swiggy Instamart, Blinkit, and BigBasket (BB Now) by Tata.