Zepto Raises $450 Million at $7 Billion Valuation
Fresh capital from CalPERS-led round leaves Zepto well funded to add stores, and lift order frequency.
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Quick commerce firm Zepto has raised $450 million in new funding at a valuation of $7 billion, in a round led by the California Public Employees’ Retirement System (CalPERS).
Existing backers including Lightspeed and others also participated, the company said.
The Mumbai-based company, which now holds roughly $900 million in net cash, said the latest funding reflects operating leverage from its dark-store network and unit-economics gains.
“This financing is a reflection of our team’s execution to grow the business rapidly while consistently building operating leverage,” said Aadit Palicha, co-founder and chief executive of Zepto, in a statement.
Founded in 2021, Zepto delivers groceries and daily essentials in minutes and now lists more than 45,000 products, expanding into categories such as electronics and apparel.
The fundraise follows a busy 2024 in which Zepto secured $665 million in June, $340 million in August and $350 million in November in a round led by Motilal Oswal’s private wealth division, at a $5 billion valuation.
The company’s cofounders Aadit Palicha and Kaivalya Vohra are focusing spending on network density and frequency categories while keeping a path open to public markets.
Zepto redomiciled from Singapore to India earlier this year as it prepares for an IPO.
Zepto competes with Blinkit, owned by Zomato’s parent Eternal, and Swiggy Instamart, as the companies expand dark-store networks across major cities and push into higher-frequency baskets.
Market shares fluctuate with promotions, delivery-fee tweaks, and store openings, and are not independently disclosed on a comparable basis.
India’s quick-commerce market could expand from about $300 million in FY22 to $30 billion by FY30, venture capital firm Bessemer Venture Partners said in a June report.