Zepto valued at $3.6 bn after $665-million fundraise
Zepto’s GMV grew to $1 bn and over 75% of its dark stores are profitable•The company plans to double its dark stores to 700 by March 2025
New Delhi: Grocery delivery startup Zepto on Friday said it has raised $665 million in an investment round that valued the firm at $3.6 billion, almost triple of what it was worth a year back, and is preparing to list soon.
The fund raise will help Zepto compete with e-commerce giant Amazon, Zomato-owned Blinkit, and homegrown firms such as Swiggy’s Instamart and Tata Group’s BigBasket in the hyper-competitive grocery delivery space that is marred by high investments and low margins.
The three-year-old startup raised $665 million from new investors, including New York-based private equity firm Avenir Growth Capital, venture firm Lightspeed, and Avra Capital, a new fund started by former Y Combinator Continuity head Anu Hariharan and Andreessen Horowitz. Existing investors including Glade Brook, Nexus, and StepStone Group also participated, the Mumbai-based firm said in a statement.