SUMMARY
- Zepto secures $350M from domestic investors, including family offices and notable personalities.
- Funds likely to expand dark stores, financial products, and 10-minute delivery services.
- Achieved $1B GMV in FY24, with 75% of dark stores EBITDA-positive by May 2024.
Quick commerce giant Zepto has continued its fundraising rampage, raising an additional $350 million (about ₹2,950 crore) in a round headed by Motilal Oswal’s private wealth business. Financial institutions, family offices, and domestic high-net-worth individuals (HNIs) such as Taparia Family Office, Mankind Pharma Family Office, RP Sanjiv Goenka Group, and Cello Family Office also participated in the round.
Celebrities like Sachin Tendulkar and Abhishek Bachchan also contributed to the round, along with companies including Mothers Recipe Family Office, Haldiram Snacks Family Office, Sekhsaria Family Office, Kalyan Family Office, and Happy Forgings Family Office.
According to Zepto’s announcement, all of the funding for the round came from domestic investors. Although it did not specify its ambitions, the money might be utilized to grow its network of dark stores, its financial products, and its 10-minute snack delivery service.
Aadit Palicha, CEO and Co-founder stated, “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.”
This has helped the corporation raise almost $1.3 billion in recent months. It closed a $665 million fundraising round in June at a valuation of $3.6 billion, and then in August it closed a second $340 million financing round at a valuation of $5 billion.
The 2021 founded Quick Commerce giant Zepto was founded in July 2021 by Palicha and Kaivalya Vohra. The firm claims to deliver groceries and other products in 10 minutes. With operations in 17 locations, it claims to operate over 550 dark storefronts and processes more than 7 lakh orders per day. It also claims to hire over 56,000 delivery partners.
Its gross merchandise volume (GMV) surpassed $1 billion in fiscal year 2023-24 (FY24), with approximately 75% of its dark stores reaching positive earnings before interest, taxes, depreciation, and amortization (EBITDA) by May 2024.
