Zepto cites system glitch after user points out exorbitant prices on platform
The Aadit Palicha-led quick commerce chain competes with Blinkit, Swiggy’s Instamart and Big Basket’s BB Now among others in a space where customer loyalty is scarce and price elastic.
Quick Commerce unicorn Zepto on Wednesday said a glitch on its platform caused it to show exorbitant prices for some vegetables.
During the late hours of July 8, Monday, X user Harsh Upadhyay posted a screenshot of a catalog of coriander leaves priced upwards of Rs 131 on the platform. The post got nearly 1.4k likes at the time of publishing, with multiple users mocking the exorbitant price and comparing it with other platforms and offline vendors.
The Aadit Palicha-led company said a system glitch caused significant price disparities across the platform. Zepto added that the issue has been resolved
"While some items were priced three times lower, others saw a substantial hike," reads the statement.
The company further shared its justification for its pricing standards which included premium quality, fair compensation, sustainable practices, hygiene and safety and transparent packaging.
In June, the company raised $665 million at a valuation of $3.6 billion from new and existing investors. Media sources later reported an additional fundraise of $400 million at a valuation of $4.6 billion.
Zepto announced that its gross merchandise value (GMV) had multiplied year-on-year to a base of more than $1 billion and that nearly three-fourths of the company's stores were fully EBITDA positive as of May 2024.
The company also announced its focus on expansion and doubling its store count to 700 by the end of this financial year. This is part of a broader trend within its peers, Blinkit and Swiggy’s Instamart which are also focusing on penetration and expansion as they continue to stay bullish on quick commerce.
Edited by Affirunisa Kankudti