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Zepto, the renowned instant grocery delivery platform, is about to embark on a major fundraising campaign to secure approximately $650 million from a combination of current and new investors. This significant influx of capital is expected to push Zepto’s valuation to around $3.5 billion, effectively doubling its previous valuation.

Although Nexus Venture Partners and StepStone Group, existing backers of Zepto, will lead this funding round, several notable investors have joined the effort. Current investor Glade Brook Capital will be participating, alongside new investors such as Avenir Growth, Lightspeed Venture Partners, DST Global, and Avra. This diverse group of investors demonstrates the widespread confidence in Zepto’s potential and the appeal of its instant grocery delivery model.

This new round of funding arrives merely eight months after Zepto’s successful fundraising campaign in August 2023, through which the company raised $231 million and achieved a valuation of $1.4 billion. This breakthrough marked a resurgence in unicorn creation within the Indian startup ecosystem and attracted the attention of investors like Goodwater Capital.

Since its establishment in July 2021 by Aadit Palicha and Kaivalya Vohora, Zepto has rapidly emerged as a major player in the quick commerce space. With its focus on lightning-fast, 10-minute deliveries, Zepto has captured the attention of consumers seeking convenience and speed in their grocery shopping experience. This substantial investment will undoubtedly enable Zepto to expand its operations further and solidify its position as a leader in the instant grocery delivery market.