Zepto raises $350 million in largest ever 100% domestic startup fundraiser

The round included investments from Indian HNIs, family offices, and leading financial institutions. The fundraise was led exclusively by Motilal Oswal's Private Wealth division.

Bengaluru: Quick commerce company Zepto raised $350 million in its latest round, the startup announced on Friday. This marks the largest 100% domestic fundraise in India’s startup ecosystem.

The round included investments from Indian high net worth individuals (HNIs), family offices, and financial institutions. The fundraise was led by Motilal Oswal’s Private Wealth division.

This was the company’s third funding round within six months.

An informed source from Zepto confirmed to DH that the company’s process of flipping its domicile from Singapore to India is in transition and while the company is hopeful of it happening soon, the timeline is subject to regulatory processes.

Aadit Palicha, CEO and co-founder at Zepto, said, “When we started this venture, the risk appetite among domestic investors was limited—especially to trust 18-year-olds with their money. Today, we are humbled to have reached a place in India’s economic growth where we’ve not only fostered that trust but also spearheaded a fundraise of this magnitude, which will hopefully set a precedent for the startups that follow.”

Ashish Shanker, MD and CEO, Motilal Oswal Private Wealth, said, “Motilal Oswal is a strong believer in the future of digital businesses, particularly quick commerce players like Zepto, as potential free cash flow powerhouses.”

Participation was from investors such as Motilal Oswal AMC and Raamdeo Agarwal, the Taparia Family Office, Mankind Pharma Family Office, RP Sanjiv Goenka Group, Cello Family Office, Haldiram Snacks Family Office, Sekhsaria Family Office, Kalyan Family Office, Happy Forgings Family Office, Mothers Recipe Family Office (Desai Brothers), and individuals like Abhishek Amitabh Bachchan and Sachin Ramesh Tendulkar.

Zepto is planning to launch its initial public offering (IPO) in India by the financial year 2025-26.

It was named a unicorn in August 2023 when the firm raised $200 million at a valuation of $1.4 billion.