Founders of Motilal Oswal Financial Services, Ramdev Agarwal and Motilal Oswal, have bought shares worth about Rs 850 ($100 million) in Zepto, says a report by PTI.
The two founders have purchased shares worth Rs 425 crore each in a personal capacity. Another investment of $250 million is in the pipeline, the report adds.
Who sold the Zepto shares?
Motilal Oswal and Ramdev Agarwal have bought the shares of Zepto from the foreign investors, says the report. Currently, total indian ownership in Zepto stands is about 42 percent. The current deal will not bring any fresh investment to Zepto itself.
Apart from Motilal Oswal Financial Services’ proposed $250 million purchase, Edelweiss and Hero FinCorp are also participating in these transactions, bringing the total to USD 350 million. The proposed deals do not change the valuation of Zepto. All deals are being executed at Zepto’s previous valuation of USD 5 billion, set in August 2024.
The report says that Motilal Oswal Financial Services and Zepto have signed the binding documents for the $250 million deal, and after the due diligence, a formal announcement will be made in June