Motilal Oswal, Raamdeo Agrawal buy shares worth $100 million in Zepto

Both investors acquire shares from Zepto's early foreign backers at a $5 billion valuation as the firm aims for majority domestic ownership before going public

Motilal Oswal and Raamdeo Agrawal, the founders of Motilal Oswal Financial Services Limited, have bought shares worth $100 million in the quick commerce firm Zepto, a source privy to the matter said.

 

Both individuals have bought shares worth $50 million each in their personal capacity.

 

Of late, the quick commerce Unicorn has been increasing the shareholding of domestic investors. The company plans to have over 50 per cent of domestic ownership before its initial public offering, the source said.

 

Zepto is planning to go public either in late 2025, or in early 2026. 

 

In January this year, the company shifted its domicile from Singapore to India, and established its headquarters in Bengaluru to align with listing regulations.

 

The source said that Oswal and Agrawal acquired shares in Zepto from the company’s early investors, primarily foreign backers.

 

“These transactions have been undertaken at a previous valuation of $5 billion (August 2024) to make it lucrative for domestic investors,” the source mentioned. 

 

In addition to the recent secondary transactions, Motilal Oswal (the firm) is leading a separate secondary round in Zepto worth over $250 million.

 

The round will also witness participation from Edelweiss and Hero FinCorp. The binding document has been signed, and Zepto will make a formal announcement in June once the due diligence is complete, according to the source.

 

Zepto’s spokesperson didn’t respond to queries by press time.

 

Earlier, in November 2024, Zepto had raised $350 million at a valuation of $5 billion.

 

The round was led by Motilal Oswal’s Private Wealth division, and also saw participation from Indian family offices and high-net-worth individuals.

 

Post that round, in an exclusive conversation with Business Standard, Zepto co-founder and chief executive officer Aadit Palicha, had said that the company was 30 per cent domestically owned after the fundraise.

 

Palicha and the company’s cofounder, Kaivalya Vohra, own almost 20 per cent shares.