Quick commerce major Zepto is India's most funded startup in 3 years

IPO-bound company has raised $1.35 billion in 2024

Quick commerce major Zepto is on a funding spree in an effort to become a domestically-owned “Indian” company. After announcing a $350 million funding round at a flat valuation of $5 billion on Friday, the firm has now become the highest funded startup in India over the last three years.

 

After the latest round, over 35 per cent of the firm is owned by domestic investors, according to sources.

 

The round, which marks the largest 100 per cent domestic fundraise in India’s startup ecosystem, was led by Motilal Oswal’s Private Wealth division, and included investments from Indian high net-worth individuals (HNIs), family offices, and leading financial institutions.

 

The IPO-bound company has raised as much as $1.35 billion in 2024.

 

Zepto’s exact shareholding pattern after the recent fundraise could not be ascertained. However, as of October 1, 2024, Nexus Venture Partners is the firm’s biggest investor with a share of 18.6 per cent, while Glade Brook Capital held 10.3 per cent. The StepStone Group held another 9.8 per cent, according to data from market intelligence platform Tracxn.

 

According to Chief Executive Officer Aadit Palicha, Zepto would reportedly look to raise another pre-IPO round to further increase its domestic shareholding before its stock market debut.

 

The firm currently has foreign investors like General Catalyst, Dragon Fund, Lightspeed Ventures, among others, on its cap table.