This is the story of two young entrepreneurs who left their computer engineering education in Stanford University to set up their own business. Aadit Palicha and Kavilya Vohra both were 19 years old when they decided to set up their own venture by the name of Kiranakart. Although this startup did not perform well due to a poor market fit, the two friends identified an opportunity in delivering groceries and other household utilities quickly.
The Start of Zepto
During the second wave of the Covid pandemic when people were not venturing out and looking for quick and timely deliveries of their groceries, Aadit and Kavilya launched Zepto in April 2021. The business was received well and the company was valued at US$200 million within a month of its launch and at US$570 million within five months. And by end 2022 the valuation of their company reached US$900 million.
The excellent progress of Zepto and an increased in its valuation led to Vohra and Palicha earning a spot on the IIFL Wealth Hurun India Rich List in 2022.
Financial Performance
The founders were successful in getting various prominent investors like Nexus Venture Partners, Breyer Capital, YC Continuity, Glade Brook, and Global Founders Capital on board. The startup, however, reported net losses of Rs 390.3 crore in its first year of operations i.e. FY22 while its operating revenue during the year was Rs 142.3 crore. The founders expect the company to turn profitable soon.
Success Mantra
What made Mumbai-headquartered Zepto an instant success was its promise of a 10-minute delivery. The massive success of Zepto lead to the entry of several other companies in the field. The entrepreneurs are in the process of expanding their services like the delivery of tea, coffee and snacks too. The company now delivers in Delhi, Chennai, Gurgaon, Bengaluru, and Mumbai. Its main competitors include Swiggy Instamart, Blinkit and Dunzo.
Net Worth of the Founders
While Aadit Palicha holds the 950th spot on the Hurun list with a net worth of Rs 1200 crore, Kaivalya Vohra is at the 1036th spot with a net worth of Rs 1000 crore.
These two young entrepreneurs are on a roll and looking to raise another $150 million in a series E round which will take Zepto’s valuation to $1.3 billion
