Zepto plans to raise $300 million, or about Rs 2,500 crore, from wealthy individuals and family offices in the country as it looks to shore up its war chest in the increasingly competitive quick commerce scenario.
The company plans to raise around Rs 2,500 crore in 2024 at a valuation of $5 billion, the same as it raised for over $1 billion. Family offices such as Motilal Oswal’s Ramdeo Agrawal and Manipal Group’s Ranjan Pai are expected to participate in the round, the people said. development.
Domestic interest has also increased at the same time that another major internet company, Swiggy, has gone public. Zepto’s increased domestic shareholding could also mean an easier compliance process when it plans to list on a stock exchange.
The new funding comes on the heels of Zept expanding to 10 new cities this year, including Ahmedabad, Jaipur and Chandigarh. The company also intends to continue doubling down on existing markets, which have already proven to be highly profitable, and continue to grow its business to over Rs 10,000 crore in sales.
Zepto is currently expanding its dark store network from 350 to 700 stores by reinvesting capital generated from mature stores back into the business.
Given the new bullishness from incumbents Swiggy Instamart and Zomato’s Blinkit, as well as new entrants like BigBasket Now and Flipkart’s Minutes, the fresh investment could increase the company’s store count beyond 700. be.
