🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Zepto set to raise $650 million at $3.5 billion valuation

Published 13-06-2024, 03:36 pm
© Reuters.  Zepto set to raise $650 million at $3.5 billion valuation

New Delhi, June 13 (IANS) Quick grocery delivery platform Zepto is geared up to raise nearly $650 million from existing and new investors.

According to sources, the funding will take Blinkit closest rival’s valuation to around $3.5 billion.

Sources told IANS that Nexus and its limited partner StepStone will lead the new funding round.

The company did not immediately comment on the development.

This is the company's second big fundraise in about a year's time.

Zepto raised $200 million in August last year from StepStone Group, Goodwater Capital and other investors at a valuation of $1.4 billion, ending the unicorn drought in India.

The fundraise brought in new investors, with the StepStone Group leading the round. US-based Goodwater Capital joined the round as a new investor.

Founded in July 2021, Zepto plans to go public soon.

The quick commerce platform clocked 1,339 per cent revenue growth (year-on-year) in FY23, while its losses also widened significantly from the previous fiscal year.

Zepto's revenue grew 14 times to Rs 2,024 crore (from Rs 142.36 crore in FY22), while losses widened by three times to Rs 1,272 crore -- from Rs 390 crore in FY22.

Zepto recently said that it plans to go public in the next 2-3 years.

Three major quick delivery platforms, Zomato (NS:ZOMT)'s Blinkit, Swiggy's Instamart and Zepto, now compete head-on with each other.

--IANS

na/kvd

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.