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Nineteen-year-old Kaivalya Vohra, the founder of quick grocery delivery app Zepto, emerged as the youngest Indian to have a net worth of over Rs 1,000 crore in a survey. He stood at the 1,036th spot in the IIFL Wealth Hurun India Rich List 2022, with a net worth of Rs 1,000 crore.
Vohra founded Zepto with Aadit Palicha in 2020. Palicha, 20, has also made it to the list with a net worth of Rs 1,200 crore.
In May, Zepto raised $200 million from a round led by YC Continuity Fund. After the investment, the start-up nearly doubled its valuation to hit the $900 million mark. In December, it was valued at $570 million.
Vohra completed his Bachelor's degree in Computer Science from Stanford University. Before Zepto, he had founded KiranaKart, another grocery delivery platform, in May 2020.
Named after 'zeptosecond', an extremely small unit of time, Zepto promises grocery delivery in minutes. Vohra and Palicha founded it after they returned to India with a plan to build a quick commerce company. At its launch, the platform guaranteed a 10-minute delivery. However, it was later changed to "delivery in minutes".
In 2023, Zomato is reportedly eyeing an expansion in 24 cities in India. Currently, it operates in 11 cities. It is also eyeing round-the-clock delivery in several cities.
However, lately, Zepto has been facing stiff competition from Blinkit. Zomato acquired Blinkit at a valuation of $700 million in June. It was formerly called Grofers.
Dunzo and Swiggy's Instamart are also among the list of their competitors.
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First Published: Wed, September 21 2022. 16:44 IST