Zepto, a prominent player in quick commerce, is rapidly raising money in an attempt to establish itself as a domestically held “Indian” business. The company announced a $350 million investment round on Friday at a flat valuation of $5 billion, making it the most funded startup in India in the past three years. According to sources, local investors now possess more than 35% of the company following the most recent transaction.
Leading Indian financial institutions, family offices, and high net worth individuals (HNIs) contributed to the round, which was led by Motilal Oswal’s Private Wealth division and is the largest 100% domestic fundraising round in India’s startup ecosystem.
In 2024, the IPO-bound company raised a total of $1.35 billion. It was unable to determine Zepto’s precise shareholding pattern following the most recent fundraising effort. However, as of October 1, 2024, Glade Brook Capital owned 10.3% of the company, while Nexus Venture Partners had 18.6%, making them the largest investor. An further 9.8% was held by the StepStone Group, citing data from the market information portal Tracxn.
Zepto would reportedly seek to fund another pre-IPO round in order to significantly boost its domestic shareholding prior to its stock market debut, according to Chief Executive Officer Aadit Palicha. Currently, the company’s cap table includes international investors such as General Catalyst, Dragon Fund, and Lightspeed Ventures, among others.
