The quick commerce industry has revolutionized how consumers shop for daily essentials, with speed of delivery being a crucial factor. Zepto, a major player in this space, has contributed significantly to the growth of this sector. Founded by two Stanford dropouts, Zepto raised over $1 billion within just five months.
Zepto has become a prominent competitor to Zomato’s Blinkit and Swiggy’s Instamart. Despite Swiggy’s public listing in November and Zomato’s debut in July 2021, Zepto remains the only privately held company among these leading contenders.
Funding Achievements
In 2024, Zepto achieved remarkable funding milestones, raising more than $1 billion in just five months. On November 22, it was reported that the company secured $350 million from Indian high net worth individuals (HNIs), family offices, and financial institutions, with Motilal Oswal’s private wealth division leading the round. Earlier in October, Zepto had targeted raising $150 million from local investors, but by November, the round had doubled due to increased investor interest in the quick commerce industry.
Prominent investors included Raamdeo Agarwal of Motilal Oswal, Ranjan Pai of the Manipal group, Mankind Pharma’s family office, Cello’s family office, Sekhsaria family office, and celebrities like Amitabh Bachchan and Sachin Tendulkar, who participated through their family offices.
Additionally, Zepto began talks with top Wall Street banks such as Morgan Stanley and Goldman Sachs regarding a potential Initial Public Offering (IPO), with the process reportedly underway in September. The company is also transitioning its base from Singapore to India, joining a growing number of Indian startups making similar moves. Zepto’s CEO, Aadit Palicha, explained that becoming a majority Indian-owned company would build trust with policymakers, the public, and shareholders, which would ultimately strengthen the brand’s long-term appeal.
Expansion Plans
Zepto has expanded its offerings with the launch of Zepto Cafe, a new app providing 10-minute food delivery. The service is currently available in 120 cafes across Mumbai, New Delhi, and Bengaluru, with plans to extend to Hyderabad, Chennai, and Pune. Furthermore, the company is on track to establish 700 dark stores by March 2025, increasing its presence in the quick commerce market. However, Blinkit remains the leader in the space, operating 791 dark stores as of September, while Swiggy’s Instamart had 605 dark stores by the same date.
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