According to a report, Kaivalya Vohra, who founded fast food delivery service Zepto, is the youngest person in India with a net worth of more than Rs 1,000. She has just turned 19. On the IIFL Wealth Hurun India Rich List 2022, he was ranked 1,036 with a net worth of Rs 1 trillion.
Vohra holds a Bachelor of Science in Computer Science from Stanford University. In May 2020, he launched another grocery delivery service called KiranaKart.
Who did Zepto find?
Vohra and Aadit Palicha founded Zepto in 2020. The list also includes Palicha who is 20 years old and has a net worth of Rs 1,200 crore.
In May, the YC Continuity Fund completed a funding round for Zepto that raised $200 million. After funding, the startup was worth almost twice as much at $900 million. In December, it was worth $570 million.
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How does Zepto work?
Zepto, which stands for “Zeptosecond,” a very small amount of time, promises to deliver groceries in just a few minutes. It was founded by Vohra and Palicha after they went to India to start a business that would trade immediately. When it launched, the platform said it would deliver in 10 minutes. In the end, delivery took its place in minutes.
What will Zepto grow?
Allegedly, Zomato wants to be represented in 24 Indian cities by 2023. It is now used in 11 locations. It also plans to deliver 24 hours a day in a number of cities.
On the other hand, Blinkit has caused a lot of trouble for Zepto lately. In June, Blinkit was bought by Zomato for $700 million. It was once called Grofers.
To be fair, most of us have “business ideas” most of the time, but most of us don’t know how to make them work. But the founders of Zepto, Aadit Palicha and Kaivalya Vohra, who are both 19 years old, do not belong to the second group. The two Stanford University graduates founded Zepto, a company that delivers groceries in 10 minutes and is powered by Y Combinator. This was her second business. Their first business, KiranaKart, had to end because they couldn’t find a market for it.
Both Palicha and Vohra went to Stanford to get computer science degrees, but they dropped out to start their own companies instead. Stuck at home during the pandemic, they came up with the idea for Zepto. As home deliveries increased, it took a few days for groceries and other necessities to reach the buyer. This left room for immediate delivery. So Zepto was launched with that in mind.
Investors liked their idea. Earlier this month, Glade Brook, Nexus, Lachy Groom, Y Combinator, and Global Founders Capital led a round that raised $60 million. Vohra said their Net Promoter Score (NPS) went up as soon as they started delivering within 10 minutes. “Plain and simple, customers love fast deliveries. “The data speaks for itself – as soon as we started deploying within 10 minutes, our NPS skyrocketed and stayed at around 85 with a weekly user retention rate of over 50%, which shows how much our customers love our product.” he said in a statement.
While a $60 million round is impressive, the fact that they just founded the company in April of this year makes it even more impressive. Zepto is currently said to be worth between $200 and $300 million. Still, you don’t have to worry. In fact, the company, which has only been around for a few months, is up against giants like Swiggy, BigBasket, Grofers, etc. Grofers, for example, also says it will deliver in 10 minutes. With InstaMart, Swiggy can also deliver groceries, essentials and self-catering products in 15 minutes.
Zepto has a network of “cloud stores” or small warehouses to help them prepare for battle. You can now deliver to some parts of Mumbai, Delhi, Bengaluru, Gurugram and Chennai. They are well on their way to starting business in Hyderabad, Kolkata and Pune. Over 100,000 people have downloaded it from the Google Play Store. The site says it has thousands of items for sale. Zepto also says it will deliver between 7am and 1am
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Palicha said their hard work is finally paying off after raising $60 million. “Today, we’re growing 200% every month with an unstoppable team, strong product infrastructure and extensive access to institutional capital,” he said in a statement.
Zepto made them famous, but Palicha and Vohra’s first business, KiranaKart, didn’t get as much attention. Zepto, on the other hand, got its idea from KiranaKart. KiranaKart, as the name suggests, was also a grocery delivery service. It worked with Kirana stores, allowing groceries to be delivered in 45 minutes. Global Founders Capital, Contrary Capital, 2 AM Ventures and angel investors led by Global Founders Capital raised $730,000 in a pre-seed round. Back then, Vohra and Palicha wanted to make the first 1.5 lakh deliveries for Re 1 only.
TechCrunch says the two men focused on grocery delivery for their apps because getting groceries was the hardest thing for them as two single men. So, while KiranaKart’s goal was to make food delivery for Kiranas easier, Zepto’s goal is to speed up delivery.
KiranaKart was launched in June 2020 with the help of Y Combinator. It closed in March 2021, and the founders then launched Zepto in April. Kaivalya Vohra is Co-Founder and Chief Technology Officer (CTO) of Zepto, the fastest growing e-food company in India. Kaivalya and Aadit Palicha formed Zepto as a new company in 2021. As of May 2022, the company was valued at $900 million.
Before Zepto, Vohra and Palicha formed Kiranakart in 2020. Kiranakart, an online grocery delivery service based in Mumbai, said it would deliver groceries across Mumbai in 45 minutes. But they had to shut down Kiranakart because they couldn’t find a market for its product.
Palicha and Vohara founded Zepto in April 2021. The idea for the company came from home during the pandemic. When they saw that more and more people wanted groceries and other kitchen items delivered directly to their homes, they decided to offer this service. The slogan for Zepto is “grocery delivery in 10 minutes”.
In the end, investors liked the idea, and Glade Brook Capital ran a funding round that raised the company $60 million.
Within a year, Zepto became a strong competitor for big startups like Swiggy, BigBasket, Grofers, etc. For example, Grofers also says it will deliver in 10 minutes. With InstaMart, Swiggy can also deliver groceries, essentials and self-catering products in 15 minutes.
Y Combinator Continuity, Kaiser Permanente, Nexus Venture Partners, Glade Brook Capital and Lachy Groom were among the big names that helped Zepto raise $200 million in its Series D funding round. Zepto is based in Mumbai and has offices in 10 of the largest cities in India. It has more than 1,000 employees and delivers more than 3,000 products such as fresh fruits and vegetables, cooking utensils, dairy, health and hygiene products and more to Indian households in less than 10 minutes. Zepto added a cafe feature that allows customers to order coffee, chai, and other cafe items along with their groceries.
Kaivalya Vohra went to Stanford to get a degree in computer science, but dropped out to become an entrepreneur instead. Vohra was born in Bengaluru, Karnataka, India. He went to school in Bengaluru and graduated from Stanford, but dropped out of school to start his own business. He can speak Hindi, English and French very well.
19-year-old co-founder and CTO of food delivery startup Zepto, Kaivalya Vohra, is the youngest person on the list of India’s richest people created by research firm Hurun India and wealth manager IIFL Wealth.
Aadit Palicha and Vohra founded Zepto in 2020 in Mumbai. They are also the youngest founders of a startup in the 2022 Hurun India Future Unicorn Index. Unable to get groceries in their area due to the COVID-19 pandemic lockdown, the Stanford dropouts founded the company. Vohra’s fortune is worth 1 trillion rupees.
Zepto used to be called Kiranakart. Its main selling point became that it could deliver groceries quickly and contactless in just 10 minutes.
With a net worth of Rs 10,94,400 crore, billionaire Gautam Adani relegated Mukesh Ambani of Reliance to the top spot on the same list. This list includes people who live in, or were born and raised in, India. This is the 11th time the richest people in India have been ranked. The net worth calculations are a snapshot of the situation as of August 30, 2022.
The Hurun IIFL fortune list also showed that about 100 startup founders out of 59 startups are on this list. These founders have an average age of 40 and total assets of Rs 5,06,000 crore.
Along with Vohra, Alakh Pandey, known as ‘Physicswallah’ and co-founder of a company of the same name that has just become a unicorn, first appeared on the list at number 399 with a combined fortune of Rs 4,000 crore.
Anas Rahman Junaid, MD and Chief Researcher at Hurun India said in launching the list, “The best way to understand India’s banking strength or pipeline of entrepreneurs is to look at its startup ecosystem, which is the third largest in the world is over 80,000 startups. It has the third most unicorns and gazelles of any country in the world.
He also said that the initial public offerings (IPOs) of some of the best-known startups have helped close the valuation gap between institutional and retail investors. Junaid says startups will continue to make people rich, but there will be “new rules of the game”.
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