Zepto raises $665 mn at $3.6 bn valuation

Chennai: Quick commerce company Zepto has raised $665 million at a valuation of $3.6 billion. In its Series F round, the start-up received funding from new investors Avenir, Lightspeed, and Avra, among others. Existing investors Glade Brook, Nexus, and StepStone co-led the round.

The Mumbai-based company turned unicorn in August last year after raising $200 million in a Series E round led by venture capital firm StepStone. It also raised $35 million more in the same round.

As per the company, it has been valued at $3.6 billion in the current round, up from $1.4 billion during the last round. The firm has raised more than $1.2 billion till date.Zepto will use the funds to compete with deep-pocketed, BlinkIt and Swiggy Instamart.

Zepto claims that it has achieved near EBITDA positivity with 140 per cent growth with an annualized gross merchandise value of over $1 billion.

Zepto saw a 14-fold jump in its revenue to Rs 2,024 crore in FY23 while its losses widened to Rs 1,272 crore from Rs 390 crore in the previous fiscal year.