Quick commerce startup Zepto Friday said it has raised $350 million (around Rs 3,000 crore) in its latest fundraise from domestic investors, including HNIs, family offices, and leading financial institutions.
The fundraise brings the total capital raised by the company to more than $1.35 billion.
The fundraiser was led by Motilal Oswal AMC, with participation from family offices and investors such as Raamdeo Agarwal, the Taparia Family Office, Mankind Pharma Family Office, RP Sanjiv Goenka Group, Cello Family Office, Haldiram Snacks Family Office, Sekhsaria Family Office, Kalyan Family Office, Happy Forgings Family Office, and Mothers Recipe Family Office (Desai Brothers).
Other notable individuals participating in the fundraiser include Abhishek Amitabh Bachchan and Sachin Ramesh Tendulkar. The round reportedly valued the company at $5 billion.
“When we started this venture, the risk appetite among domestic investors was limited—especially to trust 18-year-olds with their money. Today, we are humbled to have reached a place in India’s economic growth where we’ve not only fostered that trust but also spearheaded fundraising of this magnitude, which will hopefully set a precedent for the startups that follow,” said Aadit Palicha, chief executive officer and cofounder at Zepto.
Zepto recently raised $340 million in a funding round led by American venture capital firm General Catalyst. The funding has come barely two months after its last round of fundraising. The round lifted the valuation of the quick commerce startup to $5 billion (nearly Rs 42,000 crore), about 40% higher than its last valuation.
Earlier this year in June, Zepto raised $665 million (Rs 5,555 crore) in a fresh round of funding. Its valuation shot up by more than 2.57X in the round to $3.6 billion, from the $1.4 billion that it commanded in August 2023.
Zepto, founded by Kaivalya Vohra and Aadit Palicha, operates a network of micro-warehouses, known as ‘cloud stores,’ to deliver groceries and essentials to customers in just minutes. The three-year-old startup competes in the quick commerce space, going head-to-head with players like Swiggy’s Instamart and Zomato’s Blinkit.
Its investors include Glade Brook, Nexus, StepSton, Goodwater, Lachy Groom, Avenir, Lightspeed, and Avra, the fund of former Y Combinator managing director Anu Hariharan, among others.