Quick commerce business Zepto is carrying out what is expected to be one of its largest fundraising rounds to date and could reach a valuation of $3 billion. The business is keen to scale up its operations to cater to growing demand for fast deliveries.
“The round kicked off sometime in April and has since piqued the interest of many bulge-bracket investors,” an anonymous source close to the development told ET Retail. “The financing is almost through, and an official announcement could come anytime.”
Investment businesses DST Global and Lightspeed Venture Partners are expected to invest in Zepto this round. Other new entrants as well as existing investors such as Nexus Venture Partners are also participating in the ongoing investment round.
Zepto has raised five funding rounds since October 2021to total $591 million. The business has continued to expand the product categories it offers for hyper fast deliveries and now includes a wide range of fashion and luggage products from a selection of brands, according to its website.
“The round has seen a lot more action in the last week, with the possibility of other external investors joining in,” a source told The Economic Times. “In that case, it will be closed in tranches.”
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