Funding · Commerce & Consumer Brands

Zepto raises up to $450M at $7B valuation

By Startup Enthusiast · 1 October 2025

What they do

Zepto delivers groceries and essentials within minutes through a network of dark stores

It is raising $400M-$450M in a mix of primary and secondary shares led by Calpers at a $7 billion valuation

The company has reduced cash burn and grown revenue 149% to ₹11,100 crore, but faces intense competition from Blinkit and Swiggy

Zepto is raising $400M-$450M in fresh funding.
The round is led by Calpers (California Public Employees' Retirement System).
Existing investors General Catalyst, Avra, Lightspeed, StepStone, Nexus Venture Partners, Glade Brook, and Avenir are also participating.
The funding includes both primary capital ($350M-$380M) and secondary transactions ($70M-$100M).
The valuation is set at $7 billion.
Zepto has raised a total of $2 billion so far, including $1.35 billion in 2024.
The company's IPO plans are delayed, and it relies on external funding to sustain growth.

Zepto's grocery GMV tripled to $3 billion in January 2025 but stalled short of $4 billion by April.
Its ad vertical annual run rate grew from $40 million to $200 million in a year.
The company reduced cash burn from ₹180 crore per quarter to double digits.
Zepto Café shut 45-50 outlets and daily orders halved from a peak of about 1 lakh.
Competitors like Blinkit and Swiggy Instamart added far more dark stores than Zepto in April-May 2025.

Zepto delivers groceries and essentials within minutes through a network of dark stores.
It also runs Zepto Café, a quick-service food delivery vertical, and is experimenting with medicine delivery.
In FY25, Zepto reported revenue of ₹11,100 crore, up 149% from ₹4,454 crore in FY24.
Its war chest (cash reserves) stands at $1 billion.
Zepto competes with Amazon, Flipkart, Blinkit, Swiggy, and BigBasket.

Calpers (lead) — California Public Employees' Retirement System, a large US pension fund.
General Catalyst (participated)
Avra (participated)
Lightspeed (participated)
StepStone (participated)
Nexus Venture Partners (participated)
Glade Brook (participated)
Avenir (participated)

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.