Funding rounds at Zepto include investments from Indian HNIs, family offices and leading financial institutions.
Zepto on Friday announced raising $350 million in its latest round of funding that the fast-paced commerce company said is the highest in India’s startup ecosystem with 100 percent domestic fundraising. The round includes investments from Indian HNIs, family offices and leading financial institutions. The funds were raised by Motilal Oswal’s private wealth division.
The fund saw participation from several family offices and investors including Motilal Oswal AMC and Ramdev Agarwal, Taparia Family Office, Mankind Pharma Family Office, Salo Family Office, Haldiram Snacks Family Office, Sekhasaria Family Office, Kalyan Family Office, Happy Forging Family Office, . Mother’s Recipe Family Office (Desai Brothers) and celebrities like Abhishek Amitabh Bachchan and others including Sachin Ramesh Tendulkar.
“This round reflects the growing commitment of Indian investors to support transformative startups,” Zepto said.
This “landmark funding” comes at a time when India’s economy is accelerating its shift towards domestically driven growth, Zepto said.
“When we started this venture, there was limited risk appetite among local investors, especially 18-year-olds to trust with their money. Today, we have reached a point in India’s economic development where we have not only fostered that confidence, but also led funding of this magnitude, which will hopefully set a precedent for startups to follow,” said Adit Palicha, CEO and Company – Zepto founder said.
Ashish Shankar, MD & CEO, Motilal Oswal Private Wealth, said Motilal Oswal strongly believes in the future of digital business, especially fast e-commerce players like Zepto, as potential free cash flow powerhouses.
“India’s largest and marquee family office clients of Motilal Oswal Private Wealth share this enthusiasm and have participated in this lifelong journey of value creation,” said Shankar.