Quick commerce business Zepto has raised $665 million in its just closed investment round, which was led by a number of existing investors. Following the funding injection, the business more than doubled its valuation to $3.6 billion.
“We have executed fairly well and are the fastest-growing Indian company to hit a billion dollars in gross merchandise value terms and we continue to grow at over 100% year on year,” Zepto’s chief executive Aadit Palicha told the Economic Times. “I think, if we didn’t execute regardless of what industry we were in, we would not have been able to successfully get this financing.”
The funding round was led by StepStone Group, Glade Brook Capital, and Nexus Venture Partners, all existing investors in the business. Approximately 40% of the funding came from new investors including Avenir Growth Capital, DST Global, and Lightspeed Venture Partners among others.
“We would like to be a public company in the relatively near term,” said Palicha. “We look at this funding as a balance sheet building exercise going into an initial public offering. We’re not in the business of taking a large amount of money and burning it.”
Zepto is currently working on moving its base back to India from Singapore as part of its preparations for the IPO, ET Retail reported. The business has already received approval from its board of directors for the listing.
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