Motilal Oswal The group’s private wealth arm is handling the fundraising and Motilal Oswal Asset Management Company has already committed around $40 million in this round, according to sources.
ET first reported on August 29 saying that Motilal Oswal Financial Service chairman Raamdeo Agrawal has endorsed Zepto in his personal capacity. Agarwal has also invested in Swiggy’s pre-IPO placement, which has garnered a lot of interest among high net worth individuals and family offices.
Once completed, Zepto’s follow-up financing would bring the company’s total funds raised to more than $1.5 billion over a span of approximately four months. The back-to-back fundraising underlines the increased interest in the company and the red-hot fast commerce sector.
“They are launching the round to shore up internal capital ahead of IPO plans next year with credible local investors at the capitalization table,” said one person to whom the deal was proposed.
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According to sources, Zepto has now reached $2 billion in annualized gross sales run rate, up from $1.5 billion in May. Zomato-owned Swiggy Instamart and Blinkit are Zepto’s two main rivals, while Flipkart has entered the sector with Minutes and BigBasket has pivoted towards quick commerce model completely.
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