The key to any successful start-up is taking risks, and entrepreneurs frequently have to risk everything when they are completely certain in their concept. Aadit Palicha and Kaivalya Vohra, two teenagers from Mumbai, achieved this when they dropped out of Stanford University to launch their company, Zepto.
While there was a high demand for the operation following the pandemic-related lockdowns in India, Palicha and Kaivalya decided on grocery delivery. Zepto acquired $200 million in May 2022 from a transaction that was managed by YC Continuity Fund. The startup's valuation nearly doubled to reach $900 million after the financing. It had a December value of $570 million last year.
How did Zepto's success journey begin?
Due to the coronavirus outbreak in India, two childhood friends who grew up in Dubai made the decision to enter the lucrative online grocery delivery market. Their business began as KiranaKart, an internet delivery service that paired with kirana (grocery stores).
In November 2021, it acquired $60 million in fundraising under the name Zepto. The platform guaranteed delivery of groceries in 10 minutes. It received an additional $100 million in fundraising in December, raising its valuation to $570 million.
Zepto secured $200 million in finance in May of this year, increasing its value to $900 million. The founders of Zepto, Vohra and Palicha, have become the youngest members of India's wealthy club largely owing to an over 50% increase in the company's valuation.
READ | Keshub Mahindra, India's oldest billionaire and former Mahindra Group chairman, passes away
Who is Aadit Palicha?
Aadit Palich hails from India's Maharashtra state of Mumbai. Palicha attended school in Mumbai, then transferred to Stanford to earn his degree in computer engineering before quitting to launch his own business. When he was just 17 years old, Aadit launched his entrepreneurial path with GoPool.
Also, he established the AI project PryvaSee, a business that compiled privacy policies. In 2021, during a Covid-induced lockup, the budding entrepreneur co-founded the Zepto, and at the age of 19, he became the youngest Indian billionaire.
Who is Kaivalya Vohra?
Zepto, a startup offering grocery delivery services in Mumbai, was founded with Kaivalya Vohra as its CTO. In 2020, he and Aadit Palicha, then 20 years old, launched the business. Hurun India's Future Unicorn Index 2022 list has never before featured a person under the age of 20. Vohra and Palicha are also the youngest start-up founders to rank among the richest, according to Forbes.
According to the IIFL Wealth Hurun India Rich List 2022, Kaivalya Vohra has a net worth of Rs 1,000 crore, whereas Aadit Palicha's net worth is about Rs 1,200 crore.
