Indian grocery startup Zepto secured $665 million in its latest funding round in June. This round attracted participation from new investors, including Avenir, Lightspeed, and Avara, alongside existing backers like Glade Brook, Nexus, StepStone, Goodwater, and Lachy Groom, who contributed the bulk of the investment.
The funding comes less than a year after Zepto’s previous round in August 2023, where it raised $231 million at a valuation of $1.4 billion. Following this recent investment, Zepto’s valuation has significantly surged to $3.6 billion.
The quick commerce market is experiencing significant growth in India. In April, Goldman Sachs forecasted that by 2030, quick commerce will account for 70% of the online grocery market, which is expected to reach $60 billion, as consumers increasingly prioritize convenience and speed. Additionally, Swiggy, one of India’s leading food delivery startups, is reportedly preparing for an IPO with an issue size of INR 10,400 crore.
In the second funding round, AZB & Partners advised Avenir Management Company on its $50 million investment in Zepto. The deal team was led by Senior Partner Ashwath Rau, along with Partners Jasmin Karkhanis and Aditya Alok.
Khaitan & Co advised Lightspeed Venture Partners, with a team led by Partner Nidhi Killawala, Partner Srikant C.V. on due diligence, and Partner Pranjal Prateek on competition aspects.
Resolut Partners advised Glade Brook Capital, with the deal team led by Ruchir Sinha.
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