Zepto, the quick commerce platform, is set to launch a new feature, 'Zepto Postpaid', signalling its entry into the Buy Now, Pay Later (BNPL) segment. This is as per a report by Inc42.
The Mumbai-based quick commerce firm teased the new feature on its app, requesting 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 Rs 5,000.
Zepto's spokesperson responding to questions by Inc42 said that it is a bit early to provide specific details on Zepto Postpaid, but said that the company will share the relevant information soon.
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BNPL start-up Simpl partnered with Zepto in April this year. The partnership reportedly saw Zepto getting access to Simpl's one-tap checkout option for its membership programme Zepto Pass, as per Financial Express.
Simpl, in a statement at that time, reportedly said that it aimed to increase its checkouts to Zepto to 100 million by 2026.
Zepto recently raised $340 million in a funding round led by General Catalyst which took its valuation to $5 billion. Before that, it had raised $665 million in a funding round co-led by Glade Brook, Nexus and StepStone at a valuation of $3.6 billion.
Zepto clocked an operating revenue of Rs 2,024.3 crore in the financial year 2022-23 which is reportedly 14.3x up from Rs 140.7 crore in the previous fiscal.
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With all the capital infusion at hand, the start-up is looking to double its dark store count to 700 by March 2025 from 350 in June.
All these developments happen in quick commerce sector as different firms set to battle it out in the hope of tapping its immense market potential.
The likes of Zepto, Blinkit and Swiggy Instamart are trying to edge each other out in the quick commerce battle. The emergence of Flipkart, BigBasket and Amazon would look to give these start-ups tough competition.
