When Zepto co-founders Kavalya Vohra And Aadit Palicha Considered to be the youngest (they are both 20!) self-made and the youngest rich people in India, according to the IIFL Wealth Hurun India Rich List 2022, they have turned out to be overnight role models for many in the country.
“It’s humbling, but honestly, it’s not something we end up thinking about every day, because there’s always a bunch of stuff with the business,” Kaivalia said, speaking to host Beverly White on Day Three of TechSparks 2022, India’s largest startup tech conference.
Fast trade startup Zepto started operations in Mumbai in April 2021 and has witnessed great growth, with a presence in 10 cities in the form of dark stores or micro warehouses – Mumbai, Pune, Bengaluru, Delhi, Noida, Gurugram, Ghaziabad, Chennai, Hyderabad, and Kolkata.
They say that the best founders have real conviction in their idea, and there are no two ways about Kaivalya and Aadit. “The reason we pushed so hard is because we had so much conviction about the product. We believed the product would be exciting and change the way people buy groceries today, so rather than our personal progress, we were more concerned about how To make Zepto a bigger player in people’s minds,” said Kaivalya.
On his young founders who don’t really have decades of experience to bank on, Aadit said it helps that they’re building a product that no one has built before in an industry that’s been up in the last 12 to 18 months.
“We realize that to perfect this model and the category, we need to have a combination of both decades of experience, which our leadership team of specialists have decades of experience in supply chain and growth, marketing and finance bring in, and first. Principles of thinking, which we bring in with our fresh perspectives.
According to consulting firm RedSeer, India’s rapid commerce market is expected to witness a 15x growth by 2025, reaching a market size of close to $5.5 billion, and in this battleground, Aadit believes the winners will be people who can lead Operating leverage on. The back end.
It is known that fast trade players in the industry have to cope with not only increasing competition, but also criticism from all quarters that the rush to emerge winners in the market could put the safety of the delivery partners at stake.
“The reality is that our business model is built on short distances and not fast speeds,” said Aadit, adding that their pick-up points across the country are positioned in dense population clusters, where the average distance for the delivery person is 1.7. to 1.8 km.
On where the fast-commerce industry is headed in the next ten years, Aadit said there is potential to build a horizontal fast-commerce and ecommerce company, and grocery itself is bigger than every other ecommerce category combined.
From being teen entrepreneurs who dropped out of Stanford to leading players in the fast-paced commerce industry, Kaivalya and Aadit have scripted quite the entrepreneurial success story.
When asked for their mantra for personal success, Kaivalya is careful to give advice, saying they’ll be better equipped to give it in five to 10 years, but, “Keep it is one thing we learned very early. Entrepreneurship is A journey where the highs are super high, and the lows are really low. There were many opportunities for both of us to say let’s pack up and go back to university, and live a very comfortable life, but we stuck with it.
Aadit’s word of advice for entrepreneurs? “If you want to start building a company, build it for the right reasons.” For someone who forgot his phone charger on the way to the airport to attend the conference, and who delivered it through his startup, the advice sounds about right.