Quick commerce major Zepto will soon launch Zepto Postpaid, which will be an initiative that falls under the buy now, pay later (BNPL) category. The launch is being shown on Zepto app and is in the early stages. With Zepto Postpaid, users will have the opportunity to benefit from interest-free repayments of up to Rs 5,000 courtesy of the company.
This development follows closely on the heels of Zepto securing a significant sum of $340 million in a recent funding round spearheaded by General Catalyst, subsequently elevating its overall valuation to a substantial $5 billion. Before this, it had raised $665 million in a funding round co-led by Glade Brook, Nexus and StepStone at a valuation of $3.6 billion.
Rival Blinkit has launched similar BNPL initiative by tying with players like LazyPay and Simpl.
Zepto has strategically partnered with BNPL firm Simpl since January 2022. Through this collaboration, Zepto leverages Simpl’s one-tap checkout feature, specifically designed for consumers enrolled in Zepto’s membership program, Pass. This move has significantly enhanced the seamless payment experience for Zepto’s customers.
Furthermore, Simpl witnessed a staggering over 13 million checkouts via Zepto as of April. With ambitious goals in mind, Simpl aims to elevate this number to an impressive 100 million by the year 2026, indicating a strong trajectory in terms of consumer adoption and market penetration.
Zepto achieved an operating revenue of Rs 2,024.3 crore in the financial year 2022-23, showing a remarkable growth of 14.3 times compared to Rs 140.7 crore in the previous fiscal period.
With significant capital infusion available, Zepto intends to expand its dark store network by doubling the count to 700 by March 2025, up from the current 350 stores as of June.
