Mumbai-based quick commerce platform Zepto announced raising $350 million in a round led by Motilal Oswal’s private wealth unit in the largest fully domestic fundraising in the history of Indian startups.
Zepto raised the funds at a valuation of $5 billion. Other investors included some high-net-worth individuals, family offices, and financial institutions.
“We raised over $300 million. It’s the largest 100% Indian fundraise for a private startup in the history of this country,” Aadit Palicha, CEO and co-founder of Zepto, told CNBC—TV 18 in an interview.
Palicha said he and co-founder Kaivalaya Vohra always wanted to bring in domestic financing, as it helps the company increase Indian ownership before an IPO.
He said, “Having Indian ownership is favorable through regulatory and government lens.”
The latest round comes three months after Palicha had raised $340 million in a round led by American venture capital firm General Catalyst.
Earlier in June, Palicha-led Zepto secured a $665 million pre-IPO round at a valuation of $3.6 billion.
Companies like Zepto and Blinkit are forcing e-commerce giants like Walmart-backed Flipkart and Tata’s BigBasket to expand their operations in the 10-minute delivery scene.
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