Zepto is in advanced stages of talks to raise $100 million in new investment, its third in the last six months, as the leading Indian quick commerce startup looks to rope in more domestic investors, sources familiar with the talks told TechCrunch.
The Mumbai-headquartered startup, which allows customers in multiple Indian cities order grocery, office stationery and other items in 10 minutes, is raising new investment from Indian family offices and high net worth individuals.
Motilal Oswal, the asset management giant that earlier invested $40 million in Zepto, is running the mandate for the new funding deliberation, the sources said, requesting anonymity as the matter is private. The financial services firm has already received commitments for more than half of the allocation, according to another source familiar with the situation.
The new investment values Zepto at a $5 billion post-money valuation, the same value at which it recently closed a $340 million financing round in August. Zepto has raised more than $1 billion in the last six months and all of it remains in its bank.
Zepto is planning to go public next year. The startup is eyeing to bring more Indian investors to its cap table ahead of the pre-IPO funding and IPO, one of the sources said.
The startup – which competes with Zomato-owned BlinkIt, Prosus-backed Swiggy’s Instamart, and Tata’s BigBasket – has grown its annualized net runrate considerably in recent months, according to sources and an internal document reviewed by TechCrunch.
Zepto co-founder and chief executive Aadit Palicha told a group of investors in August that the startup projects to grow at 150% in the next 12 months, TechCrunch earlier reported.
This is a developing story. Check back for updates…