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Goldman Sachs says India’s rapid e-commerce Zepto’s annual sales rise to $120 million

Fast-track Indian e-commerce startup Zepto has surpassed the $1 billion annual sales milestone in just 29 months since its inception, Goldman Sachs said in a report on Thursday, citing Zepto management.

The startup, which competes with Zomato-owned Blinkit and SoftBank-backed Swiggy Instamart, has also expanded its market share to “near second place”, the report said. Backers of Zepto, which became a unicorn last year, include YC Continuity, StepStone Group, Glade Brook Capital and Lachy Groom.

Zepto operates in seven cities in India and uses a network of more than 300 dark stores or micro-fulfillment centers to provide customers with delivery services across a range of categories, including groceries and electronics. The startup’s leadership told investment banks it currently processes about 550,000 orders per day.

“Zepto believes that the express commerce platform is well-positioned compared to Kiranas (traditional grocery retailers) because of (1) sourcing advantages leading to better pricing; (2) product variety (5x more SKUs); ( 3) Quality control; (4) Delivery time (able to deliver within 15 minutes). Zepto believes it can expand to 40-50 cities over time,” the report added.

This is a development story. Stay tuned for more content.

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