Quick commerce major Zepto has raised $340 million in a follow-on financing round at a valuation of $5 billion as it gears up for an initial public offering (IPO).
This is Zepto's third big-ticket fundraise within a year.
With this, the company has raised more than $1 billion in 12 months.
According to people in the know, Zepto was planning to raise $400 million but restricted it to $340 million so that equity dilution for investors existing not disturbed.
Zepto's fundraise happens at a time quick commerce is hotting up in India. Flipkart announced its intention to foray into the 10-minute delivery segment. India's largest egrocer, BigBasket, recently announced that 10 minutes was default on its platform.
And news reports have suggested Amazon too is planning its foray into the segment.
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