Biggest Funding Round: Zepto Raises $665 Million, Valued at $3.6 Billion


June 21, 2024

New Delhi, India

Key Highlights

Major Funding Round Indian grocery startup Zepto has secured $665 million in its latest funding round, boosting its valuation to $3.6 billion. This funding marks one of the largest raises in 2024, reflecting strong investor confidence in the quick commerce sector.

Investors and Participants The funding round was co-led by existing investors such as Glade Brook, Nexus, and StepStone, who contributed the majority of the capital. New investors like Avenir Growth, Lightspeed, and Avra also participated, showcasing widespread interest in Zepto’s growth potential.

Expansion Plans Zepto plans to utilize the funds to enter new markets, including Jaipur, Chandigarh, and Ahmedabad. The company also aims to double its number of dark stores from 350 to 700 by March 2025. These dark stores, strategically located in high-demand neighborhoods, facilitate rapid deliveries.

Market Impact The fundraising comes amid a competitive market where Zepto faces rivals like Blinkit, owned by Zomato, and Swiggy’s Instamart. With a growing share in the quick commerce sector, Zepto is well-positioned to capitalize on the increasing demand for instant delivery services in India.

Growth Metrics Zepto’s gross merchandise value has surpassed $1 billion, and over 75% of its dark stores are profitable at the core operating level. The company’s market share has risen significantly, reaching 28% as of January 2024, up from 15% in March 2022​​.

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Competitive Landscape

Industry Trends Quick commerce services in India, which include rapid delivery of groceries, tech accessories, and other essentials, are experiencing exponential growth. According to Goldman Sachs, this market could expand to $60 billion by 2030, representing 70% of India’s online grocery market.

Zepto’s Position Zepto’s rapid growth and recent funding boost its competitiveness against major players like Blinkit and Instamart. The company’s strategic expansion and strong operational metrics make it a formidable player in the quick commerce space.

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Zepto’s successful funding round and ambitious expansion plans highlight the dynamic nature of the quick commerce sector in India. With significant investor backing and a growing market presence, Zepto is poised for continued growth and innovation.

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