Quick commerce startup Zepto 1st unicorn in 2023

NEW DELHI: After a hiatus of almost a year, India has finally added a new unicorn. Mumbai-based quick commerce startup Zepto, founded by Stanford University dropouts Aadit Palicha and Kaivalya Vohra, has bagged afresh $200 million (around Rs 1,653 crore) in funding led by new investor StepStoneGroup at a valuation of $1.4 billion, becoming the first unicorn of 2023.

The investment comes at a time when the broader startup ecosystem is navigating through a funding winter with startup funding having dipped to $3.8 billion in the first half of the year from $18.3 billion in the yearago period. Zepto’s recent funding round was also backed by new investor Goodwater Capital and a clutch of existing backers, including Nexus Venture Partners, Glade Brook Capital and Lachy Groom.