Zepto, a consumer internet companies, today raises approximately USD 450 million in recent funding, comprising a mix of primary and secondary transactions, with a majority in primary. This round was led by US-based pension fund California Public Employees’ Retirement System (CalPERS), the company said on Thursday. The round values Zepto at USD 7 billion, up from the valuation of USD 5 billion at which it raised capital last year.
According to media reports, existing investors Avenir, Avra, Lightspeed, Glade Brook, The Stepstone Group, and Nexus Venture Partners have also joined the round.
Aadit Palicha, Co-founder and CEO at Zepto, shared, “This financing is a reflection of our team’s execution to grow the business rapidly while consistently building operating leverage. We now have approximately USD 900 million of net cash in bank and more than well-capitalised for the future.”
Vivek Subramanian, shared, “Zepto scaled order volume 200% over the past 18 months and was still able to consistently turn more and more of their stores profitable even as they invested in growth. That performance, and the $500B+ Indian Grocery opportunity, gave us conviction that Zepto is building a generational consumer internet company” |
