In 2021, as the pandemic still raged on and we washed our vegetables and supplies before consuming them, a young delivery startup promised that you can get all your groceries – everything you need – delivered right to your doorstep. In 10 minutes.

This was pretty crazy, back then.

Zepto was written off as an ambitious, overhyped startup run by two founders who had barely outgrown their teenage – by competitors and experts alike.

In 2024, Zepto has now raised $1.2 billion in venture capital, with a valuation on $3.6 billion. Everyone was wrong about this little startup, which seems to have achieved something that retail brands only dream to: changing consumer habits. 10-minute delivery is now the norm – so much so that the likes of the good old retail giants Dmart and Reliance Retail are scratching their heads. Even Flipkart and Amazon are scuttling about, trying to crack the hyperlocal delivery space.

Who would’ve thought Zepto would be the company to set the cat among the pigeons?

It’s not random, though. Zepto has tapped into specific advantages – categories, space, speed. And it certainly has timing to thank. All of these aspects have come together serendipitously for Zepto, but the real question is: does it pose a real threat to India’s largest retail brands?

And if it does, what will they do to stop Zepto?

In this episode of Two by Two, hosts Rohin Dharmakumar, CEO of The Ken and Praveen Gopal Krishnan (PGK), COO of The Ken speak with guests Seetharaman G and Arvind Singhal to break down how exactly Zepto managed to surprise everyone, and what this means for the e-commerce space, going forward.

About the guests:

Arvind Singhal is the founder of Technopak Advisors, a 30 year old management consulting firm best known for its insights on retail and consumer goods. Arvind is an absolute expert on all things retail, with 30 years of hands-on experience advising the most prominent retail companies in India and abroad.

Seetharaman G is The Ken’s deputy editor and lead writer on all things retail, FMCG and e-commerce. He’s reported on quick commerce as well as large retail brands in India week after week in Trade Tricks, the Ken’s paid newsletter on retail.

This is Two by Two, The Ken's weekly premium business podcast – we like to call it your own personal investigative brain. New episodes released every Thursday morning.

[You can listen to the full episode on The Ken’s app or on Apple Podcasts, with a paid subscription]