Zepto teased the new feature on its app, asking users to join the waitlist to get an 'exclusive early access'
As per the limited information available on the app, Zepto Postpaid will offer users “interest free repayments” of up to INR 5,000
This comes days after Zepto raised $340 Mn in a funding round led by General Catalyst, pushing its valuation to $5 Bn
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Quick commerce major Zepto is all set to launch a new feature, ‘Zepto Postpaid’, which will likely mark the startup’s foray in the buy now, pay later (BNPL) segment.
Zepto teased the new feature on its app, asking users to join the waitlist to get an ‘exclusive early access’. As per the limited information available on the app, Zepto Postpaid will offer users “interest free repayments” of up to INR 5,000.
Responding to Inc42’s questions about Zepto Postpaid, a company spokesperson said, “It’s still a bit early for us to provide specific details on Zepto Postpaid, but rest assured, we’ll share all the relevant info as soon as it’s concrete.”
This comes months after BNPL startup Simpl partnered with Zepto in April this year. According to a report by Financial Express, the partnership saw Zepto get access to Simpl’s one-tap checkout option for its membership programme Zepto Pass.
Simpl, in a statement at the time, said it aimed to increase its checkouts on Zepto to 100 Mn by 2026.
Zepto’s rival, Zomato-owned Blinkit already offers BNPL service to its users via its partnerships with PayU’s LazyPay and Simpl.
The development also comes at a time when the competition in the country’s quick commerce space is intensifying. While Zepto, Blinkit, and Swiggy Instamart are engaged in a three-way battle, Flipkart Minutes and BigBasket plan to give a tough challenge to these startups.
Zepto has been on a funding spree this year to solidify its position in the crowded quick commerce segment. Days ago, the startup raised $340 Mn in a financing round led by General Catalyst which catapulted its valuation to $5 Bn.
A couple of months before that, Zepto raised $665 Mn in a funding round co-led by Glade Brook, Nexus, and StepStone at a valuation of $3.6 Bn.
With a cumulative capital infusion of over $1 Bn this year, the startup is looking to double its dark store count to 700 by March 2025 from 350 in June.
On the financial front, Zepto saw its operating revenue surge 14.3X to INR 2,024.3 Cr in the financial year 2022-23 (FY23) from INR 140.7 Cr in the previous fiscal. Meanwhile, net loss jumped 3.4X year-on-year to INR 1,272.4 Cr during the year under review.
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