Quick commerce company Zepto is in talks to raise $100-150 million from Indian family offices, Motilal Oswal, and other high net individuals (HNIs), according to a report by TechCrunch.
The Mumbai-based startup, which delivers grocery items and office stationary to customers’ doorsteps in 10 minutes across Indian cities, reportedly set a pre-investment valuation at $4.6 billion. It raised $340 million at the same valuation in August after which it was valued at $5 billion.
Motilal Oswal, the asset management giant that has already invested $40 million in Zepto, is overseeing further funding discussions for a round of $100-$150 million. The financial firm has reportedly already received commitments for more than half of the allocation.
Talks have been on for around three months and are expected to materialize soon, according to Moneycontrol.
This increased investor interest has come at a time when rapid delivery startups are growing at an impressive pace and disrupting traditional majors.
In particular, Zepto plans expand its market presence as it competes with other major players in India’s quick commerce sector, including Swiggy’s Instamart, Tata’s BigBasket, and Zomato-owned Blinkit. It is also reportedly planning another headquarter shift, this time to India’s tech capital, Bengaluru.
This new fundraise is thus aimed at expanding its base of domestic influencers. Currently, its key backers include Avra, Lightspeed, Nexus, StepStone Group, YC Continuity, Glade Brook, and Contrary.
