Instant grocery delivery startup Zepto has emerged as India’s first unicorn of 2023, following a fresh $200 million funding round. The company is now valued at $1.4 billion.

According to the company, the Series E funding was led by StepStone Group, marking their first direct investment in India. Goodwater Capital and several existing backers, including Nexus, Glade Brook Capital and Lachy Groom also participated.

Zepto’s valuation has seen a significant jump from $900 million in its previous funding round in May last year. The firm, which has raised approximately $560 million to date, did not undertake any secondary transaction in this round, said Zepto co-founder and CEO Aadit Palicha during a press meet on Friday.

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Zepto’s success is attributed to its operational intensity and disciplined execution, according to Palicha. The two-year-old startup aims to become profitable within the next 12-15 months. The startup processes over 300,000 orders daily across seven Indian cities and is planning to go public by 2025.

Despite the ongoing economic slowdown, which has seen a 68% decline in funding for Indian startups in the first half of 2023, Zepto’s achievement sets a high bar for the market, said Will Robbins, General Partner at Contrary, an early backer of Zepto.

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