BENGALURU (Reuters) – Indian grocery delivery startup Zepto has raised $350 million in a new funding round, its third in five months, but leaving its valuation unchanged at $5 billion, the company said on Friday.
With this, the Bengaluru-based company has raised more than $1.3 billion so far in 2024, highlighting the demand for quick commerce, where everything from groceries to mobile phones are delivered within 10 minutes.
Zepto raised $665 million in June and $340 million in August, valuing the company at $5 billion.
It has raised over $1.9 billion during its lifetime, according to data from information provider Tracxn.
The latest funding round was led by Motilal Oswal’s Private Wealth division. The family offices of Mankind Pharma, RP Sanjiv Goenka Group, Haldiram Snacks, and individuals including Indian cricketer Sachin Tendulkar and actor Abhishek Bachchan, also participated in the round.
Indian consumers have increasingly taken to quick commerce, disrupting the sales of mom-and-pop stores.
The domestic quick commerce sector is expected to report annual sales of around $6 billion this year, up from $$3.5 billion in 2023, according to research firm Datum Intelligence.
Zepto competes with Zomato and Swiggy’s quick commerce arms Blinkit and Instamart but the sector has also seen the entry of Mukesh Ambani-owned Reliance.
(Reporting by Haripriya Suresh; Editing by Sonia Cheema)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.