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Indian quick-commerce startup Zepto has surpassed the annualised sales milestone of $1 billion within just 29 months of its inception, Goldman Sachs wrote in a note Thursday, citing the Zepto management.

The startup, which competes with Zomato-owned Blinkit and SoftBank-backed Swiggy Instamart, has also expanded its market share “close to that of the number 2 player,” the report said. Zepto, which became a unicorn last year, counts YC Continuity, StepStone Group, Glade Brook Capital and Lachy Groom among its backers.

Zepto operates in seven Indian cities and uses a network of over 300 dark stores, or micro-fulfillment centers, to offer customers delivery of items from a range of categories including grocery and electronics. It processes about 550,000 orders a day currently, the startup’s leadership told the investment bank.

“Zepto believes quick-commerce platforms are well-positioned vs Kiranas (traditional grocery retailers) due to (1) sourcing advantage which results in better pricing; (2) product assortment (5x higher of SKUs); (3) quality control; (4) delivery time (ability to deliver in under 15 mins). Zepto believes it can expand into 40-50 cities over time,” the report added.

This is a developing story. More to follow.

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