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How many times have you stared at your (sometimes overflowing) wardrobe in horror and yelled “I have nothing to wear”? Speaking for myself when I say this: way too many times. Have I bailed on plans for this reason? Also yes. And this is why when I first came across <keyword id="23077982" type="General" weightage="100" keywordseo="Slikk" source="keywords">Slikk</keyword>, I was more than a little intrigued. “If you can have groceries delivered to you in a few minutes, why shouldn’t the same apply to clothes?”, the app’s advertisement taunts. Slikk promises to deliver clothes in just 60 minutes in <keyword id="19895037" type="General" weightage="20" keywordseo="bengaluru" source="keywords">Bengaluru</keyword>, where it already operates. Today’s <keyword id="20246469" type="General" weightage="20" keywordseo="GenZ" source="keywords">GenZ</keyword> and young millennials are highly impulsive shoppers, making them a key target group for <keyword id="23077981" type="General" weightage="20" keywordseo="fast-fashion-brands" source="keywords">fast fashion brands</keyword>, says founder <keyword id="23077987" type="General" weightage="20" keywordseo="akshay-gulati" source="keywords">Akshay Gulati</keyword>. Their impulsiveness is fueled by the constant influx of new trends and designs, alongside faster delivery options. Slikk aims to address this by offering fresh collections from emerging fast fashion brands every week, along with a <keyword id="23077983" type="General" weightage="20" keywordseo="60-minute-delivery" source="keywords">60-minute delivery</keyword> window, providing a unique shopping experience compared to traditional fashion platforms, he adds. He did not have to call us out like that. <div type="Article" hostid="261" msid="112681980" title="Online vendors generated 15.8 million jobs in India: e-commerce report" mstype="2" mssubtype="0"></div>Anyways, I wasted no time in downloading the app and picking out some pieces of clothing. While the sizing charts weren’t as detailed as I would’ve liked and there weren’t too many options to choose from, it seemed to do the job — considering the <keyword id="19913824" type="General" weightage="20" keywordseo="startup" source="keywords">startup</keyword> began operating only recently. But what really caught my attention was that not only did Slikk offer a 7-day return, it also had a “Try and Buy” option. Here, the user would have to pay Rs 50 in addition to the standard delivery fee and Slikk’s delivery executive would wait for 10 minutes at your doorstep so you could try on the products and return what wasn’t to your liking immediately. Pretty neat, no? However, my love affair with Slikk ended sourly almost as soon as it began. After I’d added some pieces of clothing, selected the “Try and Buy” option and applied the first-timer discount coupon, it wouldn’t let me make the payment. I tried selecting both — the Cash on Delivery and Online Payment modes — several times. But the page wouldn’t budge. I even tried using the website, in case there was a glitch with the app, but that didn’t work either. While I was a little disappointed, the experience gave me the impression that Slikk needs a little more time to optimise its user interface and maybe collaborate with more brands before I can start relying on it as a chronic last-minute shopper. Meanwhile, reports suggest that Slikk has already raised $300K in its pre-seed round led by <keyword id="23077985" type="General" weightage="20" keywordseo="Better-Capital" source="keywords" meta.keywordsubtype="org" meta.entityname="Better Capital" meta.hostid="261" meta.entityid="Better Capital">Better Capital</keyword>, with participation from <keyword id="23077986" type="General" weightage="20" keywordseo="Untitled-Ventures" source="keywords" meta.keywordsubtype="org" meta.entityname="Untitled Ventures" meta.hostid="261" meta.entityid="Untitled Ventures">Untitled Ventures</keyword>. The startup will be using the sum to scale to over 100 brands, a dark store — a retail outlet or distribution centre that exists exclusively for online shopping, and expand delivery coverage to 70% of Bengaluru’s pin codes. Further, Slikk also aims to broaden its offerings to other metropolitan cities in the country and also include beauty, personal care and home decor to its collection. <div type="Article" hostid="261" msid="112444934" title="This new &amp;#39;Shazam&amp;#39; for fashion app could change the way the world shops online" mstype="2" mssubtype="0"></div>

Nothing to wear? Bengaluru-based startup promises to deliver clothes in just 60 minutes. Here’s my experience!

<ul class="summary-list"><li>Adtech startups face leadership changes as investors demand growth and profitability.</li><li>Private-equity firms are looking for adtech startups to achieve scale.</li></ul>Close observers of the adtech industry will have noticed there's been a heap of change in the upper ranks of the sector's startups in recent months — especially those <a target="_blank" class="" href="https://www.businessinsider.com/private-equity-firms-investing-in-advertising-and-marketing-companies-2024-3">financed by private equity</a>.<a target="_blank" class="" href="https://www.xr.global/press-releases/xr-announces-strategic-leadership-changes-to-accelerate-growth">Louisa Wong stepped down</a> as chief executive of Gamut Capital-owned XR Xtreme Reach in August. She was replaced in the interim by Chandler Bigelow, the company's chief financial officer. Doug Knopper, an investor in the company, was appointed executive chairman, while adtech veteran Jo Kinsella was promoted to global president and chief operating officer.In July, <a target="_blank" class="" href="https://www.adexchanger.com/online-advertising/triplelift-ceo-dave-clark-abruptly-exits-after-setting-the-ssp-on-a-new-trajectory/">Dave Clark left his role as chief executive of Triplelift</a>. His responsibilities were split among an "office of the CEO," led by Eric Roza, a managing director at its lead investor, Vista Equity.At the turn of the year, <a target="_blank" class="" href="https://www.axios.com/pro/media-deals/2024/01/04/videoamp-ceo-out-layoffs">VideoAmp CEO Ross McCray exited</a>, passing the reins to board member and investor Peter Liguori, now executive chairman. <a target="_blank" href="https://www.axios.com/2024/10/01/videoamp-media-measrement-nielsen-sale">Axios reported this month, citing multiple sources, that the company is now pursuing a sale</a>, with its investor Vista Credit Partners reportedly leading some of those discussions.Each of the changes comes with its own company-specific nuance, but experts said there are broader industry trends that link them. Those experts — bankers, adtech executives, and consultants — told Business Insider that the revolving door is likely to continue over the next six months as investors press adtech companies for growth.It marks the next stage of evolution for the adtech industry. With the digital ad market largely dominated by tech giants Google, Amazon, and Meta, independent adtech companies are forced to find new ways to compete over the remaining scraps. The small and medium-sized startups still duking it out are now entering their operator era."Automation, AI, and the optimization of corporate structures will mean that only the lean, mean companies are going to end up gaining market share and be in a position to win," said Chris Karl, chief business development officer at the M&amp;A advisory firm JEGI Clarity.<h2 id="fd8233e1-0d16-4bc2-8b40-8db1559a0af4">Adtech valuations have come back down to earth, but PE investors still want scale</h2>Private-equity firms such as Vista, GTCR, and Blackstone have been increasingly <a target="_blank" href="https://www.businessinsider.com/private-equity-firms-investing-in-advertising-and-marketing-companies-2024-3">active investors in the adtech space</a>, leading a flurry of deals between 2021 and 2022.There were 784 PE or PE-sponsored transactions in the media and marketing space in 2021, up 96% from the prior year, according to the advisory firm Ciesco. That number rose to 874 in 2022 and lowered slightly to 786 in 2023, per Ciesco.Now, a few years have passed, and leadership changes are to be expected, given historic PE investment cycles, said Mark Wright, a veteran tech investor and executive, who now leads the M&amp;A strategic advisory practice at Prohaska Consulting. Founding teams make way for more experienced operators who can take the company to the next level, he said."Although there are exceptions to the rule, there are very few founding teams that are marvelous at groundbreaking innovation that can successfully make the transition to managing and operating at scale," Wright said.Public and private valuations of adtech companies have dropped dramatically since 2021, the height of the zero-interest-rate period when there was a rise in digital ad spending and a slew of adtech IPOs. Tougher macroeconomic conditions in the years since put a strain on consumer spending and marketing budgets, cooling the markets and M&amp;A activity."Some of the changes you're seeing are indicative of a two-year cycle post-COVID where things are back to normal, or the new normal," Karl of JEGI Clarity said. "Where company performance could be tied to events that were out of their control a couple of years ago, that excuse no longer suffices. Investors want growth."Meeting growth expectations has been a challenge for some companies. JEGI Clarity, which, alongside CIL Management Consultants, conducted a survey of 25 marketing services agency leaders this summer, heard from multiple CEOs who said 2022 and 2023 were some of the most difficult operating environments of their careers.Those surveyed said they were more optimistic about 2024 now that rates have stabilized and clients are less risk-averse with their marketing budgets. Almost three-quarters (70%) of respondents in the study said that their margins had remained stable or increased this year.<h2 id="7a33b071-67d8-4249-828a-d18e4d17a037">CTV is adtech's bright spot – but it's complicated</h2>Despite a rising global advertising market that is expected to surpass $1 trillion in spending next year, not all adtech vendors are positioned to reap the rewards.Take the connected TV space. It's one of the fastest-growing ad channels in the US, with spending expected to grow 13.3% and cross $30 billion in 2025, according to Emarketer. The change in viewing patterns and forecast ad spend attracted investor interest in adtech companies that had a strong position in CTV.<div type="image" title="Emarketer US TV CTV ad spend chart" height="1466" width="1410" msid="114016955" hostid="261" sizebytes="114730"></div>However, much of the recent growth in CTV advertising is being driven by platforms like YouTube and Amazon Prime Video — so-called walled gardens that don't integrate third-party adtech vendors such as buying platforms and exchanges.CTV is also a lower-margin channel for adtech vendors than traditional online display, where up to half of every dollar spent on ads gets gobbled up by vendors like demand-side platforms, ad exchanges, ad servers, measurement vendors, and data brokers."In network TV, those supply chain costs are in the 15% level — you have to take 50% and squeeze it down to 15%," Prohaska's Wright said. "It's going to put a real emphasis on operating at scale and put a pressure on margins."As TV viewing grew fragmented, several adtech companies that took on investment in recent years positioned themselves as rivals to ratings giant Nielsen. These firms are jockeying to become the go-to companies for tracking audiences or to become the universal <a target="_blank" href="https://www.adexchanger.com/adexplainer/adexplainer-tv-measurement-vs-tv-currency/">currency</a> used to buy TV and video ads.But Nielsen still hasn't been unseated. And Walmart's acquisition of TV manufacturer Vizio — from which many adtech vendors license viewing data derived from its tens of millions of TV sets — could signal further trouble ahead if the grocery giant doesn't renew those contracts when they expire.With the Walmart-Vizio deal front of mind, adtech companies and investors are likely to turn their attention to retail media, where ads are placed on e-commerce sites. Retail media is also growing at a clip, with almost every retailer and app owner now also operating an ad business.The increasing complexity for advertisers offers opportunities for adtech companies to innovate. Though, while around $1 in every $7 US ad dollars is expected to go to the space this year, according to Emarketer, retail media is largely dominated by Amazon.There's also some executive shuffling happening in the retail media ranks: Megan Clarken, who leads the publicly traded adtech company <a target="_blank" href="https://digiday.com/media-buying/criteo-seeks-new-chief-executive-after-megan-clarken-announces-pending-exit/">Criteo</a>, said she plans to step down within the next year once her successor is found.Many industry observers expect more adtech management upheaval ahead, as well as a further consolidation of the sector once the intense fourth-quarter holiday period is over."You will see more heavy-handed PE involvement primarily because the M&amp;A market hasn't been great and people sat on the sidelines," said Domenic Venuto, COO of investment bank Progress Partners and soon-to-be chief of product and data at media agency Horizon Media."The market can only sustain so many of these companies that have grown to be quite sizable but are now hitting their upper limits," he said.

Adtech is undergoing an exec shake-up as investors seize control and startups enter a new era

<ul class="summary-list"><li>Harris added the policy page just ahead of the debate, stripping Trump of a potential attack.</li><li>The page mentions venture capital multiple times, indicating Harris' efforts to be pro-business.</li></ul>Vice President Kamala Harris finally added a policy section to her <a target="_blank" href="https://kamalaharris.com/issues/">campaign website</a> on Sunday, robbing former President <a target="_blank" class="" href="https://www.businessinsider.com/category/donald-trump">Donald Trump</a> of a potential attack line during <a target="_blank" href="https://www.businessinsider.com/trump-harris-presidential-debate-preview-2024-9">Tuesday night's debate</a>. Though the page, entitled "A New Way Forward," is sparse on many specifics, it does reference venture capital multiple times, indicating the vice president's effort to <a target="_blank" href="https://www.businessinsider.com/harris-trump-debate-silicon-valley-crypto-regulation-ai-taxes-2024-9">court the business tech vote</a>.The page, which is split up into various sections, begins with a portion on the economy and focuses largely on building up the middle class. Amid platitudes, Harris is careful to address entrepreneurship early on — the page's third bullet point is directed toward small business investment."Vice President Harris and Governor Walz know that small businesses—neighborhood shops, high-tech startups, small manufacturers, and more—are the engines of our economy," the page reads. It goes on to highlight Harris' work as vice president to increase access to capital and expand venture capital to middle America. As president, the page says, she'll aim to oversee 25 million new business applications and will "expand the startup expense tax deduction for new businesses from $5,000 to $50,000."Harris nods to the tech community again with her bullet point about American innovation, when she promises to support AI growth. She returns to the AI race in the page's final section on national security, pledging to ensure that we remain a leader in the sector and mentioning her work "rallying international leaders at an AI summit."The campaign's frequent references to the tech and business sector are unsurprising, as Harris is seeking to present herself as the pro-business candidate who understands Silicon Valley better than her opponent.Big corporate names have rallied behind her, and a slate of nearly <a target="_blank" href="https://www.businessinsider.com/murdoch-cuban-corporate-executives-silicon-valley-wall-street-endorse-harris-2024-9">100 current and former CEOs</a> recently penned a letter endorsing her campaign. In August, a group of <a target="_blank" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8">powerful venture capitalists</a> coalesced to pledge their support. Mark Cuban, the billionaire investor and owner of the Dallas Mavericks, says he is in <a target="_blank" href="https://www.businessinsider.com/mark-cuban-kamala-harris-sec-capital-gains-business-2024-9">consistent communication with her team</a> and praised her for embodying <a target="_blank" href="https://www.businessinsider.com/mark-cuban-kamala-harris-only-candidate-in-founder-mode-2024-9">"Founder Mode."</a> Cuban has also <a target="_blank" href="https://www.businessinsider.com/mark-cuban-trump-never-invested-in-us-startups-outside-family-2024-9">blasted Trump</a> for failing to invest in start-ups that don't involve his family.Other tech giants, however, support the former president. <a target="_blank" href="https://www.businessinsider.com/silicon-valley-political-divide-twitter-elon-musk-kamala-harris-2024-8">A vocal faction led by Tesla owner Elon Musk</a>, investor Marc Andreessen, and venture capitalist David Sacks back Trump and insist that he is the pro-business candidate.On the policy page, Harris actively distinguishes herself from Trump on issues beyond tech. Each broad section of policies — the economy, freedom, safety, security — includes a blurb contrasting her policies with those of <a target="_blank" href="https://www.businessinsider.com/what-is-project-2025-conservative-political-playbook-heritage-foundation-trump-2024-7">Project 2025</a>, the conservative agenda that Trump is trying to distance himself from <a target="_blank" href="https://www.businessinsider.com/jd-vance-heritage-foundation-project-2025-report-ivf-pornography-aboriton-2024-9">despite evident ties</a> to the effort.When the issues page does include details, they largely focus on <a target="_blank" href="https://www.businessinsider.com/kamala-harris-economic-plan-price-controls-gouging-food-inflation-election-2024-8">Harris' economic agenda</a>, which she outlined in a speech last month. She commits to a federal ban on grocery price gouging, extending the $35 limit on insulin prices, and expanding the Child Tax Credit. In terms of housing, Harris reiterates her <a target="_blank" href="https://www.businessinsider.com/kamala-harris-unveils-housing-proposals-yimby-economic-agenda-experts-2024-8">commitment to building three million new homes</a> and offering $25,000 in down-payment assistance to new homeowners.Social issues get some attention as well, with the vice president vowing to sign any bill Congress passes that would restore reproductive freedom nationwide. Despite Trump's attempts to bash her immigration policy and label her a "Border Czar," Harris only devotes one paragraph to immigration. It references the recent drop in border crossings and her support for the bipartisan border bill. The website notes that Trump "killed the border bill for his political gain."Harris is relatively vague on the question of <a target="_blank" href="https://www.businessinsider.com/uncommitted-movement-protest-after-convention-plans-vote-kamala-harris-2024-8">the war in Gaza</a>, saying that she "will always stand up for Israel's right to defend itself" and is working to end the war. She commits to ensuring that "the Palestinian people can realize their right to dignity, security, freedom, and self-determination," but offers no clues as to how that will happen.Trump is not alone in dragging Harris for her failure to talk to the media or detail specific policy — she has only sat for <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-tim-walz-first-interview-cnn-takeaways-2024-8">one major interview thus far</a>, and did so alongside Gov. Tim Walz, her running mate.

Harris' new policy page is light on some details but careful to mention startups

In 2024, grocery shopping is a thing of the past in India. Delivery platforms like <keyword id="19939135" type="General" weightage="20" keywordseo="Swiggy-Instamart" source="keywords">Swiggy Instamart</keyword>, <keyword id="20069203" type="General" weightage="20" keywordseo="Blinkit" source="keywords" meta.keywordsubtype="org" meta.entityname="Blinkit" meta.hostid="261" meta.entityid="Blinkit">Blinkit</keyword> and <keyword id="19939134" type="General" weightage="20" keywordseo="Zepto" source="keywords" meta.keywordsubtype="org" meta.entityname="Zepto" meta.hostid="261" meta.entityid="Zepto">Zepto</keyword> have made life easier for millions of people by delivering regular household items at their doorsteps. Ran out of salt? Order it online. Ran out of flour? Order it online. Need some stationery items for your kid’s school project? It can be delivered too. The list is endless. <h2><keyword id="21384253" type="General" weightage="100" keywordseo="Zepto-CEO" source="keywords">Zepto CEO</keyword> compares it with Zomato</h2> Zepto, which is newer when compared to Swiggy and Blinkit, is a popular choice in many areas. And its CEO and co-founder <keyword id="22736526" type="General" weightage="20" keywordseo="Aadit-Palica" source="keywords">Aadit Palica</keyword> feels that the company is in the stage where <keyword id="19904608" type="General" weightage="20" keywordseo="Amazon" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon" meta.hostid="261" meta.entityid="Amazon">Amazon</keyword> was in 1990s or early 2000s. While speaking at the Moneycontrol Startup Conclave 2024 on Friday, Palicha drew a bold comparison between his company’s current trajectory and that of Amazon during the late 1990s and early 2000s. He added that with the right execution, Zepto could potentially achieve a valuation between $50 billion and $80 billion, positioning itself as a leader in the global quick commerce sector. With that being said, Palicha is keenly aware that success isn’t guaranteed. “It is largely just execution,” he noted, talking about the importance of flawless operational strategy in turning potential into reality. He also acknowledged the history of companies that had the right ingredients for success but failed to execute, highlighting Zepto’s commitment to staying focused on its core business for the foreseeable future. Over the past year, Zepto has been on an aggressive fundraising streak, securing significant investments that have fuelled its growth. In August 2023, Zepto raised $231 million at a valuation of $1.4 billion, marking its entry into the unicorn club. But that was just the beginning. The startup recently closed another funding round, pulling in $665 million and boosting its valuation to $3.6 billion. The momentum doesn’t stop there. Zepto has attracted further interest from investors, with discussions underway for an additional $250 million in funding. This new round, which could grow to as much as $400 million, is expected to push the company’s valuation to around $4.6 billion. <h2>When Palicha said Zepto will be bigger than D-Mart </h2> This isn’t the first time that Palicha has made a bold prediction about Zepto. Last month, Palicha had said that Zepto would be bigger than D-Mart in the near future. Speaking at the JIIF Foundation Day event in Delhi, Palicha had pointed out that despite D-Mart’s impressive $30 billion valuation, the retail behemoth is currently only 4.5 times larger than Zepto in terms of sales. "D-Mart is a $30 billion company, and they are only 4.5 times our size in sales. If we maintain our current pace, growing 2-3 times each year, we could potentially surpass them in the next 18-24 months," Palicha had said.

Zepto CEO compares his startup to Amazon, says it can be worth 80 billion if things go right

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/aldi-history-albrecht-family-karl-theo-grocery-store-shop-retail-2022-12">Aldi</a> is reportedly testing checkout technology similar to Amazon's Just Walk Out at a store.</li><li>The technology, from startup Grabango, has been used at a Chicago-area Aldi store since November.</li></ul>Aldi is the latest retailer to add in-store technology that functions like <a target="_blank" href="https://www.businessinsider.com/review-whole-foods-just-walk-out-bypass-checkout-line-amazon-2022-3">Amazon's Just Walk Out checkout</a> system.The discount grocer reportedly installed a computer vision system from startup Grabango in a store in the Chicago suburb of Aurora, Illinois, near Aldi's US headquarters, <a target="_blank" href="https://www.grocerydive.com/news/aldi-grabango-frictionless-checkout-aurora-illinois-retail-grocery-supermarket/706442/">according to Grocery Dive.</a> The system has been operational at the supermarket since November, a Grabango representative at the store told Grocery Dive.Like Amazon's Just Walk Out, Grabango's technology allows customers to download an app on their phone and add their credit card information. From there, they can shop around the store as cameras keep track of what they pick up.Instead of ringing up items at a human-staffed checkout or <a target="_blank" href="https://www.businessinsider.com/walmart-costco-kroger-facing-self-checkout-reckoning-2023-10">self-checkout</a> at the end of their trip, customers can then tap their phone at a kiosk to exit the store and have their account debited, according to Grocery Dive.The system is even called "Aldi Go," according to signage at the store. Amazon first used its cashierless tech at one of its "Amazon Go" convenience stores in 2016. <a target="_blank" href="https://www.businessinsider.com/whole-foods-just-walk-out-dc-opening-2022-2">Amazon has since expanded Just Walk Out to two Whole Foods stores</a> and some of its Amazon Fresh supermarkets.The technology is also in use at airport stores and concession stands at sports venues operated by third parties, according to <a target="_blank" href="https://justwalkout.com/locations">Amazon's website.</a>Spokespeople for Aldi and Grabango did not immediately respond to requests for comment on the store or the technology from Business Insider.<a target="_blank" href="https://www.businessinsider.com/dollar-general-is-testing-cashierless-amazon-like-tech-2023-6">Dollar General has also experimented with tech that is similar to Just Walk Out</a>, BI reported last summer. The dollar store chain added a system from startup AiFi to one of its stores in North Carolina.Have you visited the Aldi store in Aurora and have a story idea or insight to share? Reach out to abitter@businessinsider.com

Aldi is the latest grocery store to use a rival version of Amazon's Just Walk Out tech

<ul><li><keyword id="12437554" type="General" weightage="100" keywordseo="zepto" source="Orion">Zepto</keyword> elevates <keyword id="184778" type="General" weightage="80" keywordseo="ankit-agarwal" source="Orion">Ankit Agarwal</keyword> as CPO to improve customer experience and drive innovation across categories.</li><li>Zepto’s new CPO has also been a founder in the past, with Orinko, trying to build India’s first ever fruits and vegetables consumer brand.</li><li>Zepto turned the first unicorn of 2023 with a valuation of $1.4 bn last month and is working towards a public listing over the next 12-18 months. </li></ul> Quick commerce player Zepto on Monday announced the elevation of Ankit Agarwal as the company’s Chief Product Officer. A major part of Zepto’s journey ahead will be driven by innovation in product and technology. Ankit Agarwal, CPO, Zepto, explains, “We're not following trends; we're setting them. I'm excited to be part of that team that is revolutionising commerce in India.” Kaivalya Vohra, Co-founder and CTO, Zepto, said, “Ankit joined us about a year ago and in that time he has built strong rigour within the fulfilment charter. We've been able to ship world class technology over the last year; everything from building our entire last mile stack in-house to building and rolling out a warehouse management system in &lt;6 months, and many other needle-moving initiatives.” With 13+ years of product experience in companies such as Flipkart, Delhivery and Infra.Market, Ankit joined Zepto in August 2022 as SVP of Product to lead the entire fulfilment charter, spanning the entirety of supply chain, last mile and finance tech. Ankit has also been a founder in the past, with Orinko, trying to build India’s first ever fruits and vegetables consumer brand. With Ankit’s elevation, he will now own product end-to-end, from consumer to supply chain and last mile. The quick commerce player has its job cut out after it became a unicorn last month. Zepto is India’s 84th unicorn with its latest fundraise. India had 83 unicorns at the start of the year but several startups have lost that tag with down rounds and cuts in valuation. The quick commerce player, started by two teenagers two years ago, has raised $200 million through a Series E round at a valuation of $1.4 billion. The latest round is entirely primary. The agenda is to build a good capital base ahead of a potential listing in 2025. With this round, the startup has brought on board a bunch of new investors. This round was led by StepStone Group and this investment into Zepto is their first direct investment in an Indian company). Additionally, Goodwater Capital, a consumer-focused venture capital firm based in California, joined the round as a new investor. Notably, existing investors, like Nexus Venture Partners, Glade Brook Capital, Lachy Groom and more, doubled down on their investments in Zepto with meaningful follow-on investments.

Zepto appoints Ankit Agarwal as chief product officer to drive innovation in fulfilment

<ul class="summary-list"><li>Vitaly Alexandrov is the founder of Food Rocket, a food-tech grocery delivery company.</li><li>After launching in <keyword id="11893136" type="UNKNOWN" weightage="60" keywordseo="san-francisco" source="Orion">San Francisco</keyword>, Alexandrov decided to move Food Rocket's HQ to Chicago in 2022.</li></ul>My company initially started as a <keyword id="6358815" type="UNKNOWN" weightage="100" keywordseo="tech" source="Orion">tech</keyword> <keyword id="11897892" type="UNKNOWN" weightage="60" keywordseo="startup" source="Orion">startup</keyword> called Foody that helped simplify how restaurants order their inventory. Once the pandemic hit, I felt it was time to pivot, and we decided to relaunch as <a href="https://www.businessinsider.com/ultraffast-delivery-rapid-grocery-rising-stars-talent-gopuff-gorillas-jokr-2021-12#vitaly-alexandrov-30-food-rocket-3">Food Rocket</a>, a 15-minute grocery delivery service.Since then, we've been holding our own in San Francisco against competitors like DoorDash and GoPuff. Despite our growth in Silicon Valley, in December I decided we would relocate HQ to Chicago in 2022. <h2>California put us on the map, but Chicago will keep us there</h2>California is an amazing state. The weather is gorgeous, the people are lovely, and everyone is keen to try the next tech trend, which makes it an ideal place for a startup like ours. We couldn't have asked for a better place to get our start than San Francisco, because the city and its people have taught us so much. But as our team of more than 70 continues to grow, we're ready to expand into new markets.While San Francisco is still the king of <keyword id="6362513" type="UNKNOWN" weightage="60" keywordseo="startups" source="Orion">startups</keyword>, many investors and companies are migrating to other emerging markets like <a href="https://www.businessinsider.com/austin-texas-silicon-hills-tech-capital-city-photos-2019-2">Austin</a>, <a href="https://www.businessinsider.com/florida-growth-jobs-economy-population-new-york-pandemic-employment-miami-2021-4">Tampa</a>, and <a href="https://www.businessinsider.com/raleigh-durham-north-carolina-innovation-entrepreneurship-tech-workforce-2021-6">Raleigh</a>, and I think it's important to make our move sooner rather than later.<h2>After a lot of research, I decided to move Food Rocket HQ to Chicago</h2>We did extensive market research before settling on Chicago. As one of the largest cities in the US, Chicago is a great place for any emerging business. For Food Rocket specifically as a grocery delivery company, the city's population density can help us understand how consumers buy groceries and how we can offer delivery services based on their preferences. Chicagoans have different wants and needs than San Franciscans, which means that we'll also have an opportunity to learn the demands of a new local market. We want to change the way America grocery shops, so I think it's essential for our team to experience different areas of the country to learn how to cater to and succeed in various regions.Real estate is also cheaper in Chicago, which will allow us to open more <a href="https://www.businessinsider.com/dark-stores-could-spread-as-nonessential-restrictions-ease-2020-4">dark stores</a> for our delivery operations and expand farther than we could have in San Francisco. Our overall operating costs will be lower, so we'll also be able to offer more competitive pricing for Chicago customers.<div type="image" title="Food Rocket employees" height="2813" width="3744" msid="89620715" hostid="261"></div>There's no mandatory requirement for employee relocation with our HQ move, as many of our employees already currently work remotely, but some employees have said they do plan to move with us. Remote employees directly involved in operations understand that I expect them to visit Chicago periodically to become familiar with the people and market, so it will also be a convenient central location. <h2>Overall, Chicago is an important part of our long-term business strategy</h2>Because the city is so different from San Francisco, it's almost like an entirely new business model, which is exciting for us. Since we're no longer a startup, we also wanted to explore a non-startup city environment. For other entrepreneurs considering an HQ move, focus on finding a location that has the most benefits for your business. Choosing someplace trendy might sound fun, but in the end if you're making a big move, make sure it's to a place where your business will thrive.<a href="https://www.linkedin.com/in/vitalexandrov/" target="_blank" rel="noopener">Vitaly Alexandrov </a> is the founder and CEO of Food Rocket, a food-tech startup that offers 15-minute grocery delivery.

I launched my startup in San Francisco. Now we're moving our HQ to Chicago — here's why.

<ul class="summary-list"><li>US <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword> is at a 40-year high, making essentials like food and fuel increasingly expensive.</li><li>Upside, a cash-back app recently valued at $1.4 billion, aims to help consumers save money.</li></ul>Inflation in the US is <a href="https://www.bls.gov/cpi/">accelerating to 40-year highs</a> driven by Russia's invasion of Ukraine, disrupted supply chains and pent-up post-pandemic demand. In an overheated economy <a href="https://www.businessinsider.com/us-economy-stagflation-disaster-high-prices-inflation-high-unemployment-2022-3">flirting with stagflation</a>, consumers are trying to save money on everyday essentials. One way to do so is by making use of cash-back options. The startup Upside thinks it has found a way to beat competitors and save some consumers hundreds of dollars a month.The app has just raised $165 million at a $1.4 billion valuation and operates in all 50 states.Its partners with 30,000 <keyword id="11955852" type="UNKNOWN" weightage="60" keywordseo="gas" source="Orion">gas</keyword> stations, 19,000 restaurants and 500 grocery stores as well as Uber and Dunkin' Donuts and its CEO hopes to expand to major retailers like Walmart.<h2>'It's not unheard of for people to save hundreds of dollars a month'</h2><div type="image" title="Alex Kinnier" height="2582" width="3438" msid="91868811" hostid="261"></div>Alex Kinnier, who co-founded Upside and is also CEO, is a former Google engineer who worked under chief economist Hal Varian. He told Insider that the app puts "value" back into the community.Kinnier is focused on achieving "economic efficiency" <a href="https://www.khanacademy.org/economics-finance-domain/microeconomics/consumer-producer-surplus/deadweight-loss-tutorial/a/demand-supply-and-efficiency-cnx#:~:text=Economic%20efficiency%20is%20the%20idea,without%20imposing%20costs%20on%20others.">reminiscent of Economics 101 classes on supply and demand</a> and instilled under Varian. He said the company does this by giving buyers money for goods or services they would have bought anyway, and bringing more custom to the merchants they buy from.He estimates $550 million has been generated through this type of value creation, with 60% being "incremental profit" for merchants and the remainder being additional spending power for consumers.Upside takes a slice of the profits generated by merchants using the app, which is free for consumers.The app offers averages of 10c a gallon cash-back on fuel, 13% on groceries and up to 17% on restaurant bills.Kinnier said the average user in major cities uses the app nine times a month. "It's not unheard of for people to save hundreds of dollars a month using our product," he said, but added that the average was $35 a month. Upside differed from its rivals by being able to prove to businesses that it had brought in customers by quantifying the transaction amount attributable to the app, Kinnier said.Companies "understand there's an opportunity for them to make more profit in a quick way with very little work", he said, calling each transaction "attributable, incremental and profitable.""The system is constantly working to create a more efficient economic end-state," Kinnier said, quoting Varian.With an expectation that retailers such as <a href="https://www.businessinsider.com/walmart-target-huge-costs-likely-add-price-rises-2022-5">Walmart and Target will pass on some of their rising costs to consumers</a>, Kinnier said other avenues needed to be explored to help shoppers.<h2>Can cash-back help fight stagflation?</h2>While some say cash-back saves money for consumers, <a href="https://journals.sagepub.com/doi/abs/10.1177/0022243718811853">some studies have argued</a> it only encourages more spending than they could normally afford. Kinnier said Upside falls into the former category because of the focus on essentials like gas and groceries. The app had 40% growth in users between February and March as people tried to reduce their outgoings, he said. "The categories that we're in, you have to buy. These aren't wants, these are needs," he said. "And consumers are really desperate for control, because inflation is out of their control. We can give them some bit of that." Kinnier said he had seen consumers cutting back on <keyword id="12045285" type="UNKNOWN" weightage="60" keywordseo="eating-out" source="Orion">eating out</keyword> and spending more on groceries and gas."There are so many merchants that could use our help and so many consumers that could use our help," he said. "We feel a responsibility to get the product to as many people as we can."

This cash-back app aims to save shoppers hundreds of dollars a year on gas, groceries and eating out

<ul class="summary-list"><li>Grocery-delivery startup Getir has acquired its German rival Gorillas at a hefty discount.</li><li>Gorillas tried to raise capital to continue to operate on its own but has accepted the deal from Getir.</li></ul>Troubled grocery-delivery startup Gorillas has been acquired by its larger Turkish competitor Getir for a hefty discount Insider first reported last month that Berlin-based <a href="https://www.businessinsider.com/getir-set-to-acquire-gorillas-for-less-than-1-billion-2022-11?r=US&amp;IR=T">Gorillas, founded in 2020, would likely be sold at a discount</a>. The Financial Times <a href="https://www.ft.com/content/aba36d58-f1d5-45f5-bb6d-2ee7d9aa07d5">reported</a> Friday that the Getir-Gorillas deal was worth $1.2 billion and mostly comprised equity. Gorillas was last valued at $3 billion in 2021.Tiger Global-backed Getir, which was founded in 2015, confirmed the news in a statement on Friday. The company said its acquisition of Gorillas underscored how it led "consolidation" in the rapid delivery sector."Markets go up and down, but consumers love our service and convenience is here to stay," Getir founder Nazim Salur said. "The super fast grocery delivery industry will steadily grow for many years to come and Getir will lead this category it created 7 years ago."Insider has approached Getir and Gorillas for further comment.Gorillas was one of a batch of startups that emerged during the pandemic promising to deliver groceries to customers' doors in minutes. The Berlin-based company, which slashed hundreds of jobs in May, counted the likes of hedge fund Coatue, tech giant Tencent, and DST Global among its backers.The startup benefitted from an era of cheap cash where investors were happy to pump capital into loss-making businesses, plus the pandemic inducing global lockdowns.Gorillas and its rivals gained notoriety for pursuing competitive ad campaigns that sought to onboard customers through aggressive discounts, and for establishing a pricey delivery model that involved setting up so-called dark warehouses to deliver on their promises of getting groceries to customers in less than 30 minutes. However, a post-pandemic shift in habits, the shift in macroeconomic conditions driven by high inflation, and the war in Ukraine turned investors cold on startups that are regularly losing cash.Nalin Patel, lead analyst for EMEA private capital at Pitchbook, said the deal made sense strategically as both Getir and Gorillas battled with layoffs in the face of these growing macro challenges.Patel pointed to a fall in discretionary spending, as rising inflation has forced consumers to tighten their purse strings, as well as a reduced reliance on rapid grocery delivery services in general as COVID-19 restrictions that were in place during 2020 and 2021 had been lifted."This combination of factors has meant fewer people are using these platforms, and growth has been much harder to achieve, particularly in a low margin and crowded industry such as the food delivery space, which requires vast scale for profitability," Patel said. The acquisition marks one of the most significant moves to consolidate the rapid grocery delivery market to date at the tail end of a period that has seen several European startups seeking to plant their flag get bought up. In May, German rapid grocery delivery unicorn bought competitor Cajoo, which had been backed by French giant Carrefour in a deal reported to be worth almost $100 million. Getir, meanwhile, had previously acquired smaller British competitor Weezy.The opportunities to buy European startups in the sector have attracted US attention too. US tech firm Gopuff, last valued at $15 billion, agreed to acquire British competitor Dija in August 2021 after it was in business for just eight months.Insider's Tom Dotan reported last December that there would be <a href="https://www.businessinsider.com/shakeout-ultrafast-delivery-apps-gopuff-getir-jokr-gorillas-startup-casualties-2021-12?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">widespread casualties in the rapid grocery delivery sector in 2022</a>.

Rapid-delivery startup Getir buys its rival Gorillas at a big discount as grocery apps continue to eat each other

<ul class="summary-list"><li>In 2021, Gorillas, Buyk, and Gopuff opened dozens of rapid-delivery warehouses in Manhattan.</li><li>Investors spent millions. <a href="https://www.businessinsider.com/inside-new-york-citys-6-ultrafast-grocery-delivery-operators-2021-10">DoorDash entered the crowded 15-minute</a> delivery space in December 2021.</li></ul><a href="https://www.businessinsider.com/inside-new-york-citys-6-ultrafast-grocery-delivery-operators-2021-10">DoorDash, which entered the 15-minute grocery delivery space in late 2021</a>, has quietly ceased its pilot ultrafast operation in New York City, the company confirmed with Insider. <a href="https://www.businessinsider.com/doordash-president-says-ultrafast-delivery-startups-will-come-and-go-2022-3">DoorDash had been testing</a> the ultrafast service in the Chelsea neighborhood of Manhattan since late 2021, fulfilling grocery orders out of a single warehouse facility known as a DashMart."DoorDash no longer targets 15-minute delivery from the DashMart Chelsea location. DoorDash ended the pilot earlier this year, and the site continues to provide access to over 2,000 items with delivery typically under 30 minutes," a DoorDash spokesperson said.<a href="https://www.businessinsider.com/why-rapid-delivery-grocery-startups-couldnt-hack-the-us-analysts-2022-7">DoorDash's exit comes as the ultrafast grocery delivery space has collapsed over the past year after growing wildly in spring 2021</a>. European startups like <a href="https://www.businessinsider.com/ultra-fast-grocery-delivery-startup-gorillas-to-launch-in-us-at-end-of-may-2021-5">Gorillas</a> tried to bring their successful ultrafast-delivery service models to the US, luring consumers with 10-minute deliveries of everything from ice cream to cat litter. By the end of 2021, <a href="https://www.businessinsider.com/inside-new-york-citys-6-ultrafast-grocery-delivery-operators-2021-10">the list of players in the US included Gorillas, Jokr, Fridge No More, Buyk, Getir, Food Rocket, and Gopuff.</a> Many had <a href="https://www.businessinsider.com/inside-new-york-citys-6-ultrafast-grocery-delivery-operators-2021-10" target="_blank" rel="noopener">spread throughout New York City</a>, Chicago, Boston, and San Francisco. As these players launched operations in the US, investors poured millions of dollars into the startups. According to CB Insights, investors spent over $12 billion on companies that promised to deliver groceries in under 30 minutes. DoorDash entered the crowded ultrafast space in early December 2021. The New York DashMart carried about 2,000 items, such as fresh and frozen groceries and snacks. Because deliveries had to be done quickly, DoorDash put couriers on the payroll to fulfill the deliveries instead of relying on independent contractors. Now that the ultrafast experiment is over, DoorDash said deliveries are now made by gig workers. "We continue to explore different roles and functions for W-2 workers," DoorDash told Insider. When DoorDash launched ultrafast delivery in New York City, DoorDash executive Fuad Hannon <a href="https://www.businessinsider.com/inside-new-york-citys-6-ultrafast-grocery-delivery-operators-2021-10" target="_blank" rel="noopener">told Insider in December 2021</a> that the company was "excited about this space and how DoorDash can position itself in the market.""As we think about customer expectations, they're really moving in one direction — and that's just for increased convenience," Hannon said at the time. But convenience came at a cost for all these ultrafast players.Robert Mollins, a Gordon Haskett analyst, wrote in a <a href="https://www.businessinsider.com/why-rapid-delivery-grocery-startups-couldnt-hack-the-us-analysts-2022-7">research note in February of 2022 that the ultrafast model was "very unsustainable"</a> because all the players were offering deep discounts to first-time buyers. Customers also weren't ordering enough groceries amid rising inflation. <a href="https://www.businessinsider.com/dark-stores-startups-mini-warehouses-cities-2022-10">Neighborhoods in New York City also balked at the dark store operations, accusing them of ruining retail enclaves and taking away business from local bodegas</a>. <a href="https://www.businessinsider.com/why-rapid-delivery-grocery-startups-couldnt-hack-the-us-analysts-2022-7">By the end of 2022, the ultrafast-delivery sector in the US collapsed almost as fast as it built up</a>. Fridge No More, <a href="https://www.businessinsider.com/buyk-halts-operations-of-ultrafast-startup-furloughs-staff-2022-3" target="_blank" rel="noopener">Buyk</a>, Jokr, and 1520 had shuttered operations in the US. In December 2022, <a href="https://www.reuters.com/markets/deals/getir-buys-grocery-app-rival-gorillas-12-bln-deal-ft-2022-12-09/" target="_blank" rel="noopener">Getir bought Gorillas</a> in a deal valued at $1.2 billion. Investors also walked away from making huge investments. Funding dropped by 72% in 2022, according to CB Insights. Are you a delivery app insider with insight to share? Got a tip? Contact this reporter via email at <a href="mailto:nluna@insider.com" target="_blank" rel="noopener">nluna@insider.com</a>.

You Searched For "Grocery startup" and got 10 results

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Zepto CEO compares his startup to Amazon, says it can be worth 80 billion if things go right

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BI India Bureau

I launched my startup in San Francisco. Now we're moving our HQ to Chicago — here's why.

Vitaly Alexandrov

This cash-back app aims to save shoppers hundreds of dollars a year on gas, groceries and eating out

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You Searched For "Grocery startup" and got 10 results

Nothing to wear? Bengaluru-based startup promises to deliver clothes in just 60 minutes. Here’s my experience!

Ashmita Gupta

Adtech is undergoing an exec shake-up as investors seize control and startups enter a new era

Lara O&apos;Reilly

Harris' new policy page is light on some details but careful to mention startups

Alice Tecotzky

Zepto CEO compares his startup to Amazon, says it can be worth 80 billion if things go right

Divyanshi Sharma

Aldi is the latest grocery store to use a rival version of Amazon's Just Walk Out tech

Alex Bitter

Zepto appoints Ankit Agarwal as chief product officer to drive innovation in fulfilment

BI India Bureau

I launched my startup in San Francisco. Now we're moving our HQ to Chicago — here's why.

Vitaly Alexandrov

This cash-back app aims to save shoppers hundreds of dollars a year on gas, groceries and eating out

Ryan Hogg

Rapid-delivery startup Getir buys its rival Gorillas at a big discount as grocery apps continue to eat each other

Michael Cogley

DoorDash quietly ends an experiment to deliver grocery orders within 15 minutes in NYC

Nancy Luna

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Lara O'Reilly