New Delhi: Quick commerce unicorn Zepto has raised $340 million (over Rs 2,850 crore) in a follow-on financing round led by General Catalyst, putting the Mumbai-based firm's valuation at $5 billion.
The fundraising comes after the three-year-old startup raised $665 million (about Rs 5,560 crore) in June 2024. The funding round valued the firm at $3.6 billion, almost triple its worth a year back.
Zepto co-founder and CEO Aadit Palicha said the rationale behind this follow-on financing was two-fold.
"First, the opportunity to bring on board a lead investor of Neeraj Arora’s calibre from General Catalyst was one we couldn't pass on. Second, strengthening our balance sheet is a strategic move, particularly as the company continues to deliver robust growth and operating leverage," he said.
The funding round also saw participation from new investors Dragon Fund and Epiq Capital.
Existing investors StepStone, Lightspeed, DST, and Contrary also increased their stakes, according to a company statement.
Zepto was founded in 2021 by Stanford University dropouts Aadit Palicha and Kaivalya Vohra.
Published 29 August 2024, 19:21 IST