Indian quick-commerce startup Zepto has rapidly soared to a staggering $1.2 billion in annualized sales, achieving this milestone within an impressive 29 months since its inception, as confirmed by Goldman Sachs in a recent note. The management of Zepto highlighted their significant market growth, with the startup now closely rivaling the second-largest player in the industry.

With strong financial backing from investors including YC Continuity, StepStone Group, Glade Brook Capital, and Lachy Groom, Zepto has solidified its position as a unicorn in the market. Operating across seven major Indian cities, the company utilizes a network of over 300 dark stores or micro-fulfillment centers to ensure swift delivery of a wide range of products, spanning from groceries to electronics.

Zepto’s commitment to delivering orders within a remarkable 10-minute window has propelled its success, with the company processing an estimated 550,000 orders daily. The startup attributes its competitive edge over traditional grocery retailers, or Kiranas, to several factors, including superior sourcing capabilities resulting in better pricing, a diverse product assortment, stringent quality control measures, and rapid delivery times.

Looking ahead, Zepto is optimistic about further expansion, with plans to extend its operations to 40-50 cities in the foreseeable future.