What is the startup about?
Dale Vaz, the former chief technology officer of food delivery giant Swiggy, has launched a new startup called Zbyte that aims to build a platform for hyperlocal commerce. Zbyte is a software-as-a-service (SaaS) company that provides tools and solutions for small and medium businesses (SMBs) to sell their products and services online and offline.
Zbyte’s platform enables SMBs to create their own branded websites and mobile apps, manage inventory and orders, accept payments, offer delivery and pickup options, and engage with customers through loyalty programs and marketing campaigns. Zbyte also leverages data and artificial intelligence (AI) to help SMBs optimize their operations and grow their sales.
How did the startup raise funds?
Zbyte has raised $10 million in its seed round of funding from a clutch of investors, including Cartography Capital, Lightspeed India Partners, Blume Ventures, 3one4 Capital, and Matrix Partners India. The round also saw participation from several angel investors, such as Kunal Shah (founder of CRED), Harshil Mathur (co-founder of Razorpay), Sahil Barua (co-founder of Delhivery), and Sriharsha Majety (co-founder of Swiggy).
The startup plans to use the fresh capital to expand its team, product offerings, and customer base. Zbyte currently has over 50 employees and serves more than 500 SMBs across categories such as grocery, food, fashion, beauty, and electronics. The startup claims to have processed over 1 million orders worth over $100 million in gross merchandise value (GMV) since its launch in October 2023.
What is the vision of the startup?
Zbyte’s vision is to empower SMBs to compete and thrive in the hyperlocal commerce space, which is expected to grow rapidly in the post-pandemic era. According to a report by RedSeer Consulting, the hyperlocal commerce market in India is projected to reach $170 billion by 2025, growing at a compound annual growth rate (CAGR) of 40%.
Zbyte’s founder and CEO, Dale Vaz, said that he was inspired by his experience at Swiggy, where he witnessed the challenges and opportunities faced by SMBs in the online food delivery segment. He said that he wanted to create a platform that would enable SMBs to leverage the power of technology and data to offer a seamless and personalized shopping experience to their customers.
Zbyte’s co-founder and chief product officer, Ankit Jain, who was also a former Swiggy executive, said that Zbyte’s platform is designed to be simple, affordable, and scalable for SMBs. He said that Zbyte’s platform can be integrated with existing point-of-sale (POS) systems, e-commerce platforms, and delivery partners, and can be customized to suit the needs and preferences of different SMBs.
Zbyte’s investors also expressed their confidence and excitement about the startup’s potential. Akshay Bhushan, partner at Lightspeed India Partners, said that Zbyte is addressing a large and underserved market opportunity with a strong product vision and execution. He said that Zbyte’s platform can help SMBs increase their online presence, customer loyalty, and revenue growth.
Sajith Pai, director at Blume Ventures, said that Zbyte is building a platform that can democratize hyperlocal commerce for SMBs. He said that Zbyte’s platform can enable SMBs to offer a superior and differentiated shopping experience to their customers, and compete with large e-commerce players and aggregators.