Zepto scoops up $350 million more from family offices, HNIs to boost domestic shareholding
Zepto has raised an additional $350 million in funding from Indian high net-worth individuals (HNIs), family offices, and leading financial institutions. The fundraise was led by Motilal Oswal’s private wealth division, the company said in a statement.
This adds to the $1 billion war chest Zepto has amassed over the past few months to take on rivals like Zomato’s Blinkit, Swiggy Instamart and others.
ET first reported in October about Zepto looking to onboard local investors with a mandate of raising $150 million. Subsequently, we reported on November 15 that the round had doubled in size as the quick commerce firm sought to boost local shareholding and investor interest in the sector was at a peak.
Raamdeo Agarwal of the Motilal group, Ranjan Pai of the Manipal group, the Mankind Pharma family office, Cello family office, Haldiram Snacks family office, Sekhsaria family office, and celebrities like Amitabh Bachchan and Sachin Tendulkar through their family office have also invested in the round.
“When we started this venture, the risk appetite among domestic investors was limited—especially to trust 18-year-olds with their money. Today, we are humbled to have reached a place in India’s economic growth where we’ve not only fostered that trust but also spearheaded a fundraise of this magnitude, which will hopefully set a precedent for the startups that follow,” Aadit Palicha, CEO, Zepto, said in a statement.
Data Science
MySQL for Beginners: Learn Data Science and Analytics Skills
By — Metla Sudha Sekhar, IT
