Indian quick-commerce startup Zepto has surpassed the annualised sales milestone of $1 billion within just 29 months of its inception, Goldman Sachs wrote in a note Thursday, citing the Zepto management.
Zepto, which became a unicorn last year, counts YC Continuity, StepStone Group, Glade Brook Capital and Lachy Groom among its backers.
“Overall EBITDA margin for Zepto is at negative single-digit percentage and the company is on track to break even at the EBITDA level within the next quarter.
The company expects steady state contribution margin of 12%, with steady state EBITDA margin of 7%,” the report added.
Zepto believes it can expand into 40-50 cities over time,” the report added.
If accurate, this latest injection of capital would value Moonshot AI at $2.5 billion – the largest single funding round for Chinese LLM developers on public record.
Co-leading the round are e-commerce giant Alibaba and HongShan – the VC firm formerly known as Sequoia China, according to South China Morning Post.
Other in the round included Chinese “super app” Meituan and Xiaohongshu (sometimes called China’s answer to Instagram), according to Chinese tech blog LatePost.
Pink Floyd Fan turned AI trailblazerYang Zhilin had a long list of achievements to his credit even before starting Moonshot.
The total amount raised by China’s AI firms amounted to roughly $2 billion, 70% less than the year before.
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