Zepto raises $350 million from domestic investors

MUMBAI: Zepto has raised a fresh funding of $350 million from a clutch of domestic investors led by Motilal Oswal's private wealth division at a flat valuation of $5 billion, taking its total fund count for the year to over $1 billion. This marks the third fund-raise by the quick commerce startup this year as investors rush to take a slice of the growing market for rapid deliveries.

Indian HNIs (high net worth individuals), family offices and financial institutions also backed the new funding round. Investors who joined the firm's cap table (firm's shareholding), include Motilal Oswal AMC and Raamdeo Agarwal, the Mankind Pharma Family Office, RP Sanjiv Goenka Group, Cello Family Office, Haldiram Snacks Family Office, Kalyan Family Office, Mothers Recipe Family Office (Desai Brothers) among others. Celebrities Abhishek Bachchan and Sachin Tendulkar also participated.

The latest funding comes barely three months after the Bengaluru-based firm bagged $340 million from investors led by General Catalyst at a valuation of $5 billion. The investment was an extension of the funding round as part of which Zepto garnered $665 million from investors in June at a valuation of $3.6 billion, marking a revival of late stage startup funding deals after almost a two-year slump.

Quick commerce or 10 minute deliveries has seen huge consumer adoption in metros, where people are more than willing to sign up for services that offer them convenience of rapid doorstep deliveries.

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