Zepto 'in talks' to raise funding, may become India's 1st unicorn this year
18 October 2024
India may get its first unicorn this year as Zepto, which promises 10-minute deliveries, is in talks to get fresh funding that would take the start-up’s valuation past $1 billion.
The quick-delivery firm is looking to raise $150 million in a series E round, which will take its valuation to $1.3 billion. The round will be led by StepStone Group, a limited partner (LP) of Zepto’s existing investor, Nexus Venture Partners, said media reports.
Sources associated with the Mumbai-based company told 'Business Standard' that the fundraising talks were in their initial stages.
Zepto did not immediately respond to Business Standard’s requests for comment.
Aadit Palicha, Zepto’s chief executive officer, who sources said is in the US, told 'Business Standard' last December last year that the company had no funding requirements at the time but would look to raise money sometime in August or September this year. He did not comment on the amount he sought to raise.
Zepto competes with Swiggy Instamart and Blinkit, which is backed by Zomato. Dunzo, which is backed by Reliance and Google, makes quick deliveries too but is facing a cash crunch.
India may get its first unicorn this year as Zepto, which promises 10-minute deliveries, is in talks to get fresh funding that would take the start-up’s valuation past $1 billion. The quick-delivery firm is looking to raise $150 million in a series E round, which will take its valuation to $1.3 billion. The round will be led by StepStone Group, a limited partner (LP) of Zepto’s existing investor, Nexus Venture Partners, said media reports. Sources associated with the Mumbai-based company told 'Business Standard' that the fundraising talks were in their initial stages. Zepto did not immediately respond to Business Standard’s requests for comment. Aadit Palicha, Zepto’s chief executive officer, who sources said is in the US, told 'Business Standard' last December last year that the company had no funding requirements at the time but would look to raise money sometime in August or September this year. He did not comment on the amount he sought to raise. Zepto competes with Swiggy Instamart and Blinkit, which is backed by Zomato. Dunzo, which is backed by Reliance and Google, makes quick deliveries too but is facing a cash crunch.
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