IPO-bound quick commerce firm Zepto has raised another $350 million in its third funding round this year, led by Motilal Oswal’s private wealth division, per an announcement.
The round saw participation from Motilal Oswal AMC, Claypond Capital, Raamdeo Agarwal, along with family offices of the Taparias, Mankind Pharma, RP Sanjiv Goenka Group, Cello, Haldiram Snacks, Sekhsaria, Kalyan, Happy Forgings, and Mothers Recipe (Desai Brothers).
Celebrity investors including Sachin Tendulkar and Abhishek Bachchan also participated.
This year alone, Zepto has raised more than $1.35 billion in back-to-back funding rounds. The latest infusion follows the $665-million funding raised by the company in June this year from investors including Glade Brook, Nexus, StepStone, Goodwater, Avenir, and Lightspeed. Prior to that, it raised $340 million in August, led by General Catalyst, at a $5-billion valuation.
“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 a fundraise of this magnitude, which will hopefully set a precedent for the startups that follow,” said Aadit Palicha, CEO & Co-founder at Zepto.
“From day one, our vision has been to play a small role in nation-building, create lakhs of jobs, and offer better services to Indian consumers. That singular focus continues to motivate us today,” Palicha said.
Founded by Palicha and Kaivalya Vohra—who dropped out of Stanford University to tap into the fast-growing Indian market—Zepto has rapidly gained traction among online shoppers.
Zepto claims to sell over 25,000 products ranging from groceries to electronics, with a promise of delivery in just 10 minutes. The company is said to operate over 550 dark stores and process more than 700,000 daily orders.
The new fundraising for the company comes as India’s burgeoning quick commerce sector has caught the eye of domestic and global investors. Zepto competes with SoftBank-backed Swiggy’s Instamart and Zomato’s Blinkit.
The market remains highly attractive, with players vying for dominance in a segment that has become an integral part of India’s $1-trillion retail industry. Swiggy recently made its stock market debut with a $1.4-billion IPO.
