World News
Zepto becomes India’s first 2023 unicorn with $200 million fresh funding on August 25, 2023 at 8:24 am
Instant grocery delivery startup Zepto has raised $200 million in a new funding round at a valuation of $1.4 billion, it said Friday, at a time when most other firms in the category have either died or are struggling. The funding makes Zepto the first Indian startup to attain the unicorn status this year.
StepStone Group, an influential LP in many venture funds including Nexus Venture Partners, led Zepto’s Series E funding in what is the U.S. firm’s first direct investment in India. Goodwater Capital and existing backers, including Nexus, Glade Brook Capital and Lachy Groom also participated in the round.
Zepto was last valued at $900 million in a funding round it unveiled in May last year. The startup, which has raised about $560 million to date, witnessed no secondary transaction in the new round, Zepto co-founder and chief executive Aadit Palicha said in an interview.
The funding comes at a time when the vast majority of instant delivery startups globally – Gopuff, Jokr, Getir, Gorillas, Instacart and others that collectively raised over $10 billion – have significantly curtailed their operations, have seen their private valuations plummet, or shut down entirely.
Closer to home, Zepto-rival BlinkIt got sold for less money than it had raised after nearly a decade of operation. Reliance Retail-backed Dunzo has deferred payments to employees and cut workforce after aggressively spending over $150 million to expand its dark stores, a gamble that appears to have not worked at all.
So what has worked for Zepto?
“Most people don’t realize this, but businesses that are driven by supply chain and are operationally intense are fundamentally about execution,” Palicha told TechCrunch. “The high-level elements that people keep throwing – existence of deep-pocketed competitors, who all is on the cap table etc – don’t matter. What matters is the basis point by basis point execution and discipline with which you are governing every inch of your supply chain.”
Palicha and Kaivalya Vohra co-founded Zepto when they were 19.The duo — who had previously worked on a number of projects, including a ride-hailing commute app for school kids, and dropped out of Stanford two years ago — took Zepto out of stealth mode in late November 2021.
The startup, which sells and delivers everything from grocery items to electronic gadgets, processes over 300,000 orders a day in seven Indian cities. Zepto, like many other firms operating in the category, relies on hundreds of so-called dark stores that dot popular neighbourhoods across cities. The vast majority of these stores are fully EBIDTA positive, Palicha said.
In fact, Zepto has reduced its “burn” significantly and is aiming to be IPO-ready with a company-wide EBIDTA positive metric in 12 to 15 months, he said. The startup — whose annualized revenue run rate today exceeds $700 million, according to Palicha — has grown its sales by 300% year-on-year and is targetting $1 billion in annualized sales within the next few quarters, he said.
“Even with this capital, we want to maintain our discipline, avoid complacency, and push hard to hit EBITDA positivity,” said Kaivalya Vohra, Zepto co-founder and CTO, said in a statement. “In that journey, the biggest drivers of P&L improvement for us are based on technology and product. We are building one of the best supply chain product stacks in the country today and we are investing heavily in customer-facing product as well. This technical excellence is in our DNA, and I’m excited about the next phase of building.”
Zepto plans to go public by 2025 as “a profitable, growing technology company that customers love,” the company said.
The funding makes Zepto the first unicorn from India this year amid a protracted slowdown in the economy that has significantly hurt the appetite of investors. Indian startups raised a mere $5.46 billion in the first half of 2023, a substantial 68% decline from the $17.1 billion during the same timeframe in 2022 and a drop from $13.4 billion in H1 2021, according to market intelligence firm Tracxn.
“It feels like I’ve been making fewer investments this year because Zepto keeps the comparative bar so high,” Will Robbins, GP at Contrary, an early-backer of Zepto, told TechCrunch.
Instant grocery delivery startup Zepto has raised $200 million in a new funding round at a valuation of $1.4 billion, it said Friday, at a time when most other firms in the category have either died or are struggling. The funding makes Zepto the first Indian startup to attain the unicorn status this year. StepStone
GLOBAL SUSTAINABILITY SUMMIT RETURNS FOR ITS 5TH EDITION AT THE BRITISH PARLIAMENT – HOUSE OF LORDS, PALACE OF WESTMINSTER
Theme: “People, Planet, and Profit in the Age of AI and Innovation”
London, United Kingdom — The Global Sustainability Summit (GSS) is officially back for its landmark 5th Edition, continuing its legacy as one of the leading international platforms driving sustainable development, climate action, ethical investment, innovation, and global collaboration.
Convened annually at the prestigious British Parliament, House of Lords, Palace of Westminster, by Ambassador Canon Chinenem Otto, the Summit has, over the last four years, successfully fostered international dialogue and partnerships that have contributed to the advancement of global sustainability goals, the establishment of sustainability-focused ministries, departments and policy structures across national and subnational governments, and the attraction of major investors into sustainable development projects, corporations and emerging economies.
This year’s summit, themed “People, Planet, and Profit in the Age of AI and Innovation,” will explore how emerging technologies, responsible leadership, sustainable finance, innovation, and global partnerships can shape a more inclusive, resilient and environmentally conscious future.
The 5th Edition promises to be the most impactful yet, bringing together world leaders, policymakers, diplomats, investors, academics, innovators, climate experts and youth leaders from across the globe to discuss actionable solutions toward achieving a sustainable and equitable future.
Among the distinguished speakers, delegates and honorees already lined up for the Summit are:
• His Excellency Mallam AbdulRahman AbdulRazaq — Executive Governor of Kwara State, Nigeria and Chairman of the Nigeria Governors’ Forum
• His Excellency Senator Prince Bassey Otu — Executive Governor of Cross River State, Nigeria
• Ambassador Patricia Espinosa Cantellano — Former Executive Secretary of UN Climate Change (UNFCCC) and Former Foreign Minister of Mexico
• Lord Marvin Rees, Baron Rees of Easton OBE — Member of the House of Lords, United Kingdom
• Hon. Neema K. Lugangira — Secretary-General of Women Political Leaders (WPL), Brussels and Former Member of Parliament
• Her Excellency Dr. Netumbo Nandi-Ndaitwah — President of the Republic of Namibia
• His Excellency Nangolo Mbumba — Former President of Namibia
• Former President of Tanzania
• Her Excellency Ambassador Professor Olufolake AbdulRazaq — First Lady of Kwara State, Nigeria and Chairperson of Nigeria Governors’ Spouses Forum
• Your Excellency Dr. Dikko Umar Radda, PhD, CON — Executive Governor of Katsina State and Chairman of the Northwest Governors Forum, Nigeria
• Hon. Sam Shafiishuna Nujoma — Governor of Khomas Region, Namibia
• H.E. Mr. Veiccoh Nghiwete — High Commissioner of the Republic of Namibia to the United Kingdom
• Her Excellency Ms. Macenje “Che Che” Mazoka — High Commissioner of Zambia to the United Kingdom
• Ms. Danielle Newman — Partner Lead, ICT, World Economic Forum
• Leanne Elliott Young — Co-founder, Institute of Digital Fashion & CommuneEast
• Ms. Chloe Russell — Producer & Presenter, Art, Science and Nature
• Professor Marie-Claire Cordonier Segger — University of Cambridge & University of Waterloo
• Dr. Alexandra R. Harrington — IUCN World Commission on Environmental Law (WCEL)
• Professor Payam Akhavan — Massey College, University of Toronto
• Mr. Mallai C. E. Sathya — President, Dravida Vetri Kazhagam and International Movement for Tamil Culture Asia
The Summit will feature high-level panel discussions, strategic investment conversations, sustainability awards, policy dialogues, innovation showcases, youth engagement sessions and international networking opportunities focused on climate resilience, ethical financing, food-water-energy sustainability, circular economy, artificial intelligence, diplomacy and sustainable development.
Speaking ahead of the Summit, Convener Ambassador Canon Chinenem Otto noted:
“As the world rapidly evolves through artificial intelligence and technological innovation, we must ensure that sustainability remains people-centered, environmentally responsible and economically inclusive. The Global Sustainability Summit continues to serve as a bridge connecting governments, institutions, innovators and investors to accelerate practical sustainability solutions globally. Our fifth edition is not only a celebration of progress made over the years, but also a renewed call for global collaboration and actionable impact toward achieving the Sustainable Development Goals and Net Zero ambitions.”
The Global Sustainability Summit continues to position itself as a catalyst for transformative partnerships and sustainable global progress, reinforcing the urgent need for collective action toward a more resilient and sustainable future.
More announcements regarding additional speakers, partners and summit activities will be unveiled in the coming weeks.
President Donald Trump says the United States might one day get rid of federal income tax because of money the government collects from tariffs on imported goods. Tariffs are extra taxes the U.S. puts on products that come from other countries.
What Trump Is Saying
Trump has said that tariff money could become so large that it might allow the government to cut income taxes “almost completely.” He has also talked about possibly phasing out income tax over the next few years if tariff money keeps going up.
How Taxes Work Now
Right now, the federal government gets much more money from income taxes than from tariffs. Income taxes bring in trillions of dollars each year, while tariffs bring in only a small part of that total. Because of this gap, experts say tariffs would need to grow by many times to replace income tax money.
Questions From Experts
Many economists and tax experts doubt that tariffs alone could pay for the whole federal budget. They warn that very high tariffs could make many imported goods more expensive for shoppers in the United States. This could hit lower- and middle‑income families hardest, because they spend a big share of their money on everyday items.
What Congress Must Do
The president can change some tariffs, but only Congress can change or end the federal income tax. That means any real plan to remove income tax would need new laws passed by both the House of Representatives and the Senate. So far, there is no detailed law or full budget plan on this idea.
What It Means Right Now
For now, Trump’s comments are a proposal, not a change in the law. People and businesses still have to pay federal income tax under the current rules. The debate over using tariffs instead of income taxes is likely to continue among lawmakers, experts, and voters.
Former President Donald Trump has signed an executive order directing federal agencies to declassify all government files related to Jeffrey Epstein, the disgraced financier whose death in 2019 continues to fuel controversy and speculation.
The order, signed Wednesday at Trump’s Mar-a-Lago estate, instructs the FBI, Department of Justice, and intelligence agencies to release documents detailing Epstein’s network, finances, and alleged connections to high-profile figures. Trump described the move as “a step toward transparency and public trust,” promising that no names would be shielded from scrutiny.
“This information belongs to the American people,” Trump said in a televised statement. “For too long, powerful interests have tried to bury the truth. That ends now.”
U.S. intelligence officials confirmed that preparations for the release are already underway. According to sources familiar with the process, the first batch of documents is expected to be made public within the next 30 days, with additional releases scheduled over several months.
Reactions poured in across the political spectrum. Supporters praised the decision as a bold act of accountability, while critics alleged it was politically motivated, timed to draw attention during a volatile election season. Civil rights advocates, meanwhile, emphasized caution, warning that some records could expose private victims or ongoing legal matters.
The Epstein case, which implicated figures in politics, business, and entertainment, remains one of the most talked-about scandals of the past decade. Epstein’s connections to influential individuals—including politicians, royals, and executives—have long sparked speculation about the extent of his operations and who may have been involved.
Former federal prosecutor Lauren Fields said the release could mark a turning point in public discourse surrounding government transparency. “Regardless of political stance, this declassification has the potential to reshape how Americans view power and accountability,” Fields noted.
Officials say redactions may still occur to protect sensitive intelligence or personal information, but the intent is a near-complete disclosure. For years, critics of the government’s handling of Epstein’s case have accused agencies of concealing evidence or shielding elites from exposure. Trump’s order promises to change that narrative.
As anticipation builds, journalists, legal analysts, and online commentators are preparing for what could be one of the most consequential information releases in recent history.
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