Zepto said on Friday it has raised $665 million in a funding round that doubled its valuation to $3.6 billion and marks one of the largest financing in quick commerce this year.
The Series F round was co-led by existing investors StepStone Group, Nexus Venture Partners, Glade Brook Capital, Goodwater, and Lachy Groom. New investors Avenir Growth, Lightspeed Venture Partners, and Avra also joined.
The funding comes as Zepto preps for an initial public offering (IPO) in 12-15 months and aims to turn profitable before listing. "We are in a pretty healthy place even with the cash we have in the bank.
We look at this funding round more as a pre-IPO financing to build our balance sheet ahead of our upcoming IPO. Having this cash enables us to launch an IPO of meaningful scale," said Aadit Palicha, co-founder and chief executive officer of Zepto.
Zepto's gross merchandise value (GMV) has multiplied year-on-year to over $1 billion, and around 75 per cent of the company's stores are fully ebitda positive as of May 2024.
This story is from the June 22, 2024 edition of Business Standard.
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This story is from the June 22, 2024 edition of Business Standard.
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