Funding · Commerce & Consumer Brands

Zepto raises $350M in domestic-led funding round

By Startup Enthusiast · 22 November 2024

What they do

Zepto delivers groceries and household items within 10 minutes via dark stores

It raised $350M led by Motilal Oswal Private Wealth, with participation from family offices and HNIs

This is the largest 100% domestically-backed fundraise in Indian startup history

Zepto raised $350M in fresh funding, led by Motilal Oswal Private Wealth.
Participants include family offices of Raamdeo Agarwal, Taparia, Mankind Pharma, RP Sanjiv Goenka Group, Cello, Haldiram Snacks, Sekhsaria, Kalyan, Happy Forgings, and Mothers Recipe.
High-net-worth individuals Abhishek Amitabh Bachchan and Sachin Ramesh Tendulkar also invested.
This is Zepto's third funding round in the last six months.
Total capital raised in 2024 exceeds $1.3B.
The company plans an IPO in the next fiscal year (FY26) or by end of 2025/early 2026.
Funds will be used to double dark stores to 700 by March 2025.

India's quick-commerce market grew 77% in 2023 to $2.8B GMV, now 5% of overall e-commerce.
Zepto is nearly EBITDA positive with 140% year-on-year growth.
75% of its stores were fully EBITDA positive as of May 2024.
This is the largest 100% domestically-backed fundraise in Indian startup history.

Zepto delivers groceries, household items, and electronic accessories within 10 minutes.
It operates through dark stores (small warehouses for quick packing and dispatch).
The company serves over 17 cities and delivers over 25,000 products across categories.
It has over 550 dark stores and processes over 700,000 daily orders.
Annualized sales are $2B (one source says GMV exceeds $1B).
Zepto's market share in quick-commerce is 28-29% (sources differ).
FY23 revenue was ₹2,024 Cr with a loss of ₹1,272 Cr; projected FY24 sales exceed ₹5,000 Cr.

Motilal Oswal Private Wealth (lead) — Wealth management arm of Motilal Oswal Group.
Raamdeo Agarwal (participated) — Indian investor and co-founder of Motilal Oswal Financial Services.
Taparia Family Office (participated) — Family office of the Taparia group (makers of Fevicol).
Mankind Pharma Family Office (participated) — Family office of Mankind Pharma, an Indian pharmaceutical company.
RP Sanjiv Goenka Group (participated) — Indian conglomerate with interests in power, retail, and media.
Cello Family Office (participated) — Family office of Cello, a consumer goods company.
Haldiram Snacks Family Office (participated) — Family office of Haldiram's, a major Indian snack brand.
Sekhsaria Family Office (participated) — Family office of the Sekhsaria family (Gujarat Ambuja).
Kalyan Family Office (participated) — Family office of Kalyan Jewellers.
Happy Forgings Family Office (participated) — Family office of Happy Forgings, an auto component manufacturer.
Mothers Recipe Family Office (Desai Brothers) (participated) — Family office of Mothers Recipe, a food brand.
Abhishek Amitabh Bachchan (participated) — Indian actor and high-net-worth individual.
Sachin Ramesh Tendulkar (participated) — Indian cricketer and high-net-worth individual.

Product: A rapid-delivery app for groceries and everyday essentials.
Customers: Consumers ordering groceries and essentials online.
How it makes money: It earns from product margins, delivery fees, and order-value thresholds across its quick-commerce network.
What sets it apart: It was built as a quick-commerce native company from day one.
Operations: Operates dark-store based 10-minute delivery across multiple Indian cities.