Quick commerce platform Zepto on Thursday announced it has closed a $450-million financing round, in a mix of primary and secondary transactions, led by the US-based pension fund California Public Employees’ Retirement System (CalPERS).
The latest funding round values the company at $7 billion, a significant jump from its $5 billion-valuation during its last fundraise in 2024.
“This financing is a reflection of our team’s execution to grow the business rapidly while consistently building operating leverage. We now have approximately $900 million of net cash in bank and more than well-capitalised for the future,” said Aadit Palicha, CEO & co-founder, Zepto.
The round also saw participation from existing investors including Avenir, Avra, Lightspeed, Glade Brook, The Stepstone Group, and Nexus Venture Partners. With the latest round, the company has now raised around $2.4 billion in total funding.
The funds raised will be primarily used by Zepto towards maintaining a healthy balance sheet and supporting expansion.
The company, which currently has over 1,000 dark stores, will use a portion of the new capital to launch a few hundred new stores over the next 12 months, it said.
Eyeing a public listing, Zepto expects domestic ownership within the company to increase to over 40% soon. The company claims to have scaled from 500,000 daily orders five quarters ago to 1.7 million daily orders and predicts that the growth will continue.
JP Morgan noted earlier this month that Blinkit has its dark store network of warehouses to fulfil online orders in more than 204 cities, compared to Swiggy Instamart in over 104, and Zepto in over 80 cities in India.
India’s quick commerce sector has surpassed $10 billion in gross merchandise value (GMV), with 30 million monthly transacting users and a 15% share of the total e-commerce GMV. It has grown at approximately 150% year-on-year in the first five months of 2025, driven by the rapid expansion of dark stores, according to estimates by Redseer.