Zepto raises $350 mn in domestic funding round
The Hindu
Zepto raises $350 million in largest domestic fundraise in India, backed by leading financial institutions and notable individuals.
Zepto on Friday (November 22, 2024) announced a $350 million fundraise in its latest round that the quick commerce company said marks the largest 100% domestic fundraise within India's startup ecosystem.
The round included investments from Indian HNIs, family offices, and leading financial institutions. The fundraise was led exclusively by Motilal Oswal's Private Wealth division.
The fundraise saw participation from several family offices and investors including Motilal Oswal AMC and Raamdeo Agarwal, the Taparia Family Office, Mankind Pharma Family Office, Cello Family Office, Haldiram Snacks Family Office, Sekhsaria Family Office, Kalyan Family Office, Happy Forgings Family Office, Mothers Recipe Family Office (Desai Brothers) and notable individuals such as Abhishek Amitabh Bachchan and Sachin Ramesh Tendulkar, among others.
“This round reflected the growing commitment of Indian investors to back transformative startups”, Zepto said. “This “landmark funding” comes at a time when India’s economy is accelerating its shift toward domestically driven growth,” Zepto said.
"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 have 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 and Co-founder of Zepto said.
Ashish Shanker, MD and CEO, Motilal Oswal Private Wealth, said Motilal Oswal is a strong believer in the future of digital businesses, particularly quick commerce players such as Zepto, as potential free cash flow powerhouses.
"India's biggest and marquee family office clients of Motilal Oswal Private Wealth share this excitement and have participated in this once-in-a-lifetime journey of value creation," Mr. Shanker said.
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