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Quick commerce company <keyword id="19939134" type="General" weightage="100" keywordseo="Zepto" source="keywords">Zepto</keyword> on Friday said it has raised <keyword id="22130274" type="General" weightage="20" keywordseo="USD-665-million" source="keywords">USD 665 million</keyword> (about Rs 5,560 crore) in the latest funding round that valued the firm at USD 3.6 billion, almost triple than its worth a year back. The massive fundraise comes less than a year after the Mumbai-based startup raised USD 235 million at a valuation of USD 1.4 billion. The funding round saw participation from new investors like Avenir, Lightspeed, and Avra, alongside existing investors Glade Brook, Nexus, and StepStone, Goodwater, and Lachy Groom. "We've gone from 0 to 1 billion-plus in sales, or GMV, in 29 months, that is faster than any other internet company before us... Even on a base of over a billion dollars at this point, we are growing 100 per cent-plus year on year. And that for us is one of the big drivers of this fundraise," Zepto co-founder and CEO Aadit Palicha told PTI. Attributing the growth to the performance of the quick commerce firm, the young entrepreneur said, "This is largely because of the input excellence we've built across the supply chain. "Whether it is sourcing excellence, mother hub efficiency, line haul utilisation, or our last mile, the innovation that we've done, or forecasting, we're in this place where even as we've been able to grow, we've been able to drive efficiency to get the business to pretty much close to full operating cash flow positive today." He said the overall business is close to operating at break-even cash flow. Nearly 75 per cent of the company's stores are fully EBITDA positive as of May 2024, he said. "Over the next 12-18 months, although it might fluctuate, but we'll still be pretty close to operating cash flow positive, and the idea is to keep in that direction, get the business to a place where we can list next 9-12 months," he said. Zepto co-founder and CTO <keyword id="12442402" type="General" weightage="20" keywordseo="Kaivalya-Vohra" source="Orion">Kaivalya Vohra</keyword> said the firm plans to hire top talent across engineering, product, growth, finance, operations, and category management. "If you are looking for a high growth, high meritocracy and high intensity culture where you can convert hard work and ambition into disproportionate career growth, Zepto is the place for you," he said.

Zepto raises USD 665 million; Valuation nearly triples to USD 3.6 billion

<div class="image-container float_right" style="width:480px"><div class="image">Dylan Love</div></div>"Zepto" is a math term for the very tiny number 10-21, but for fraternal twins Semyon and Efim Voinov, it would become the name of their game company.
"We were a very, very small lab – just the two of us – so the name 'ZeptoLab' made sense," Efim told us.
"It also sounded cool," said Semyon.
ZeptoLab first made waves in 2010 with the release of its game Parachute Ninja, which was met in Apple's App Store with modest success. In an effort to continue riding that success, the brothers got to work on the game that would become a resounding hit, Cut The Rope.
<a href="##slideshow##">Click here to take a tour of ZeptoLab's offices &gt;</a>
"We had a physics engine for making ropes that we didn't use for Parachute Ninja, so we knew the next project needed ropes," said Semyon. He handled the artwork while Efim wrote the code. They hired a freelancer to create music and design some levels. Before they knew it, they were submitting Cut The Rope to Apple and it was live in the App Store.
"We checked the charts every 30 minutes," said Efim. "We entered in the two hundreds, but two days later we had the top position in the paid charts. The lite version had the top position in the free charts and Cut The Rope was the highest grossing game in 50 different countries. It was completely unexpected."
"It felt absolutely unreal," added Semyon. "It was stressful. We weren't celebrating. How long would it last? A day? A week? A month?"
In order to stay on top, they knew they needed keep investing in the game to figure out how to handle all this new opportunity. The brothers brought a CEO on board to help. They found office space, hired employees, began work on an Android version of the game, and started an update to the iOS version.
Now ZeptoLab boasts over 60 employees, a number of <keyword id="6374108" type="COMPANY" weightage="60" keywordseo="games">games</keyword> based on the original Cut The Rope (Cut The Rope Experiments, Cut The Rope Time Travel), comics, boardgames, and more. It seems like their success is lasting a bit more than a day, week, or month.
The ZeptoLab team was kind enough to invite us to their <keyword id="6356806" type="COMPANY" weightage="60" keywordseo="Moscow">Moscow</keyword> offices to show us where ropes are cut and games are designed.

Inside Moscow's ZeptoLab, The Company That Makes The Insanely Popular 'Cut The Rope' Game

While <keyword id="6354720" type="General" weightage="20" keywordseo="ola" source="Orion">Ola</keyword> and tech-enabled logistics company <keyword id="67819" type="General" weightage="20" keywordseo="porter" source="Orion">Porter</keyword> scored zero on a scale of 1-10, <keyword id="1042120" type="General" weightage="20" keywordseo="uber" source="Orion">Uber</keyword> and <keyword id="3275685" type="General" weightage="20" keywordseo="dunzo" source="Orion">Dunzo</keyword> received only one point, according to the 'Fairwork India 2023' report, spearheaded by the Centre for IT and Public Policy (CITAPP) at International Institute of Information Technology Bangalore (IIIT-B), in association with Oxford University. The report evaluated 12 platforms offering location-based services in sectors such as domestic and personal care, logistics, food delivery and transportation, in the country. This year, the report was structured around the theme of discrimination and alienation that often come up in experiences shared by platform workers. In a year that has seen the formulation of a significant regulation based on inputs from workers called The Rajasthan Platform Based <keyword id="7771650" type="General" weightage="20" keywordseo="gig-workers" source="Orion">Gig workers</keyword> (Registration and Welfare Act, 2023, "we hope that highlighting the experiences of workers will point to the structural changes that platforms, consumers and the state alike will need to undertake if the platform economy is to offer its workers decent work," said Professors Balaji Parthasarathy and Janaki Srinivasan, principal investigators. Fairwork assessed platforms against five principles: Fair Pay, Fair Conditions, Fair Contracts, Fair Management, and Fair Representation. Each principle was broken down into two points: a first point and a second point that can only be awarded if the first point has been fulfilled. The report looked at 12 platforms, including Amazon Flex, Bigbasket, BluSmart, Dunzo, Flipkart, Ola, Porter, Swiggy, Uber, Urban Company, Zepto and Zomato. No platform scored more than six out of the maximum of 10 points, and none scored all the first points across the five principles. In its first year of participation, ride-hailing platform aggregator BluSmart scored higher than more established platforms in its sector, with 5 points out of 10. "There is room for cautious optimism that BluSmart's operational model might represent a step towards better conditions for drivers in the platform economy," the report mentioned. Bigbasket, Flipkart and Urban Company were the only platforms with a minimum wage policy to ensure that all their workers earn at least the hourly local minimum wage after factoring in work-related costs. "No platform made the second point of the Fair Pay principle, which requires platforms to provide sufficient evidence that workers earn at least the local living wage after work-related costs," the findings showed. Under the 'Fair Conditions' principle of providing adequate safety equipment and periodic safety training to their workers, Bigbasket, Swiggy, Urban Company, Zepto and Zomato were awarded the second point. Bigbasket, BluSmart, Urban Company, Zepto, and Zomato met the requirements for the second point under 'Fair Contracts' by adopting a change notification clause in their contracts, reducing asymmetries in liability, adopting a code of conduct for their subcontractors, and making the variables of pricing transparent where dynamic pricing was used. Under the 'Fair Management' principle, there was sufficient evidence only from BluSmart and Swiggy to meet the second point. "No platform could be awarded a point for 'Fair Representation' principle this year," said the report.

You Searched For "zepto" and got 3 results

Zepto raises USD 665 million; Valuation nearly triples to USD 3.6 billion

PTI

Inside Moscow's ZeptoLab, The Company That Makes The Insanely Popular 'Cut The Rope' Game

Dylan Love

Ola, Porter, Uber & Dunzo worst digital platforms for gig workers: Report

IANS

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