- Zepto is in talks with top mutual fund houses, including SBI Mutual Fund, Axis Mutual Fund, and ICICI Prudential Mutual Fund, to sell $300 million worth of shares ahead of its IPO.
- The company’s revenue more than doubled to INR 4,454.52 crore in FY24, while its net loss declined by 2% to INR 1,248.64 crore.
Quick commerce giant Zepto is reportedly in discussions with top mutual fund houses to facilitate share sales worth $300 million ahead of its planned initial public offering (IPO).
According to sources cited by Moneycontrol, Zepto’s CEO, Aadit Palicha, has met with executives from SBI Mutual Fund, Axis Mutual Fund, ICICI Prudential Mutual Fund, and others to explore a pre-IPO funding round later this year.
This development follows Zepto’s $350 million funding round from high-net-worth individuals (HNIs) in November last year. The company has raised a total of $1.3 billion in funding in 2024, surpassing competitors like Blinkit and Swiggy Instamart in terms of revenue.
Zepto is now considering increasing the size of its IPO to $1 billion, up from its previously planned $800 million. The company is expected to file its draft IPO papers with the Securities and Exchange Board of India (SEBI) by March-April.
Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto has made a mark in India’s quick commerce sector by offering 10-minute deliveries for groceries, packaged foods, daily essentials, and electronics. With competition heating up from BigBasket, Flipkart Minutes, Amazon, and JioMart, Zepto has launched new offerings like Zepto Cafe and even test drives for cars under 10 minutes. Additionally, it recently shifted to a marketplace model by establishing Zepto Marketplace Private Limited.
Zepto’s operating revenue more than doubled to INR 4,454.52 crore in FY24 from INR 2,025.70 crore in the previous fiscal year. Meanwhile, its net loss declined by 2% to INR 1,248.64 crore.
Edited by Harshajit Sarmah
