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Zepto: Zepto in talks with Indian family offices like Motilal Oswal to shore up another $100-150 million

 October 17, 2024  Leave a Comment on Zepto: Zepto in talks with Indian family offices like Motilal Oswal to shore up another $100-150 million
Growfast


Quick commerce firm Zepto has held discussions to raise another $100-150 million from a group of domestic family offices and high-net-worth individuals (HNIs) at a pre-investment valuation of $4.6 billion, sources aware of the matter said. The Mumbai-based startup has raised $340 million at the same valuation in August after which it was valued at $5 billion.

Motilal Oswal Group’s private wealth arm is running the mandate for the fundraise and Motilal Oswal Asset Management Company has already committed about $40 million in this round, per sources.

ET first reported on August 29 saying Motilal Oswal Financial Service chairman Raamdeo Agrawal has backed Zepto in his personal capacity. Agarwal has also invested in Swiggy’s pre-IPO placement which has gathered lot of interest among high-net worth individuals and family offices.

Once completed, the Zepto top up funding would take the total funds raised by the firm to over $1.5 billion in a span of about four months. The back-to-back fundraising underscores the heightened interest in the company and the red-hot quick commerce sector.

“They are pitching the round to shore up domestic capital ahead of the IPO plans next year with credible homegrown investors on the cap table,” a person who has been pitched the deal said.

Growfast


According to sources, Zepto has now hit $2 billion in annualised gross sale run rate from about $1.5 billion in May.

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Swiggy Instamart and Zomato-owned Blinkit are the top two rivals for Zepto while Flipkart has entered the sector with Minutes and BigBasket has pivoted to quick commerce model fully.



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