Quick-commerce giant Zepto is reportedly seeking to raise USD 300 million from high-net-worth individuals (HNIs) and wealth management firms, valuing the company at USD 5 billion pre-investment, according to media reports. This new target doubles its initial fundraising goal, as per media reports. Motilal Oswal’s private wealth arm is said to be managing the fundraising mandate.
According to media reports, Motilal Oswal Asset Management Company committed USD 40 million to this round last month but has since increased its contribution to USD 60 million. Sources cited by media reports stated that the round was oversubscribed, prompting Zepto to raise the total offering.
The fresh funding comes at a time when Zepto is reportedly aiming to capitalise on India’s bullish stock market while rebalancing its cap table, as per media reports. The company has raised nearly USD 1 billion in recent months amid fierce competition in the quick-commerce sector, according to media reports.
Zepto secured USD 665 million in June at a valuation of USD 3.6 billion, followed by an additional USD 340 million in August, which boosted its valuation to USD 5 billion, as per media reports. Of the USD 1.6 billion raised by the four-year-old company so far, over USD 1 billion was reportedly raised in just the past five months.
The company reportedly plans to use the funds to expand its network of dark stores from the current 370 to 700 by March 2025, focusing on the top 20 cities, according to media reports. The company had earlier announced that it surpassed USD 1 billion in annualised gross merchandise value (GMV) in June.
