Firms like Mars Growth and General Catalyst are looking to back Zepto, the quick commerce startup, likely to raise $340 million in its latest funding round, a report said on Wednesday.
With this funding, the valuation of the firm is likely to increase to $5 billion from its previous valuation of $3.6 billion, a jump of 40%.
Adit Palicha-led Zepto raised $665 million, nearly Rs 5,560 crore, at a valuation of $3.6 billion in June.
It would double the number of dark stores before its IPO, said Palicha. Zepto will enter ten new cities, including Ahmedabad, Jaipur, and Chandigarh, but it is going to remain focused on profitable existing markets. It wants to take sales to Rs 10,000 crore.
He further discussed the strategy to grow the store count from 350 to 700, maintaining disciplined financial management, and reinvesting profits gained in successful stores.
On X, Palicha reflected on Zepto's fast-paced growth and said, "From two college dropouts to building a 30,000 crore company in three years was probably a story unique to India in 2024."
He further added that they were working on making Zepto a global, $50 billion company, and as part of giving back to India, a large number of job opportunities would be created.
Incorporated in July 2021, Zepto is gunning for an initial public offering in the next two-three years. Quick commerce has been gathering pace in India. Zepto directly competes with large boys like Zomato's Blinkit and Swiggy's Instamart.
Read also | India Inc Sets Record with 195 Deals Worth $8.4 Billion in July, Report Reveals
Read also | Regulator Disputes Hindenburg's Claim on Mauritius-Based Fund in SEBI Chairperson Case
