Funding · Commerce & Consumer Brands

Zepto raises $450m at $7b valuation for ipo prep

By Startup Enthusiast · 16 October 2025

What they do

Zepto is a quick commerce company delivering groceries and essentials from dark stores

It raised close to $450 million in a primary and secondary mix led by CalPERS

The funding supports its planned IPO filing and expansion into smaller cities and new verticals

Zepto raised close to $450 million in a mixed primary and secondary financing round.
The deal values the company at $7 billion according to multiple sources.
CalPERS (California Public Employees’ Retirement System) led the investment round.
Participants included Avenir, Avra, Lightspeed, Glade Brook, StepStone Group, and Nexus Venture Partners.
This is a pre-IPO financing round with an IPO filing expected soon or FY26 listing planned.
Zepto shifted its domicile from Singapore to India to prepare for the public listing.
Net cash post-round is estimated between $900 million and $1 billion.

Zepto operates in a competitive quick commerce market projected to reach billions by 2030.
Expansion into smaller cities accounts for roughly 20% of current order volume.

Zepto delivers groceries and essentials via dark stores located in urban areas.
It serves over 80 cities across India with more than 1,000 dark stores.
Daily orders reached 1.6 to 1.7 million as of mid-2024 data.
Monthly transacting users increased by over 10 million new additions.
Advertising vertical run rate stands at ₹2,000 crore annualized.
Zepto Cafe run rate exceeds $110 million but was paused in 44 cities due to staffing issues.
Pharmacy delivery launched in Delhi-NCR, Mumbai, Bengaluru, and Hyderabad.
FY25 turnover was ₹11,109 crore ($1.3 billion) compared to ₹4,454 crore in FY24.
FY24 loss was ₹1,249 crore compared to ₹1,272 crore in FY23.

Zepto plans to file for an IPO soon or list in FY26.
The company intends to open a few hundred new dark stores in the next 5-12 months.
ESOP expansion includes 39.39 lakh new options valued at ~₹4,637 crore.

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.