Ahead of IPO, Motilal Oswal and Raamdeo Agrawal Invest $100 Million in Zepto

According to Moneycontrol reports, Motilal Oswal and Raamdeo Agrawal have invested $100 million in Zepto ahead of its IPO. Each of them has picked up shares worth $50 million in their personal capacity through a secondary transaction involving existing foreign investors.

Domestic Ownership

The investment comes at a time when Zepto is trying to increase its Indian shareholding to over 50% before its public listing, planned for late 2025 or early 2026. This transaction is expected to push domestic ownership to around 35%. The shares were acquired from early international backers, including Rocket Internet and Lachy Groom.

Zepto moved its domicile from Singapore to India in January 2025 and now operates out of Bengaluru, aligning itself with local listing norms.

More Secondary Deals in Pipeline

According to a news report, Motilal Oswal Financial Services is also expected to lead a larger $250 million secondary share sale in Zepto. Edelweiss Financial Services and Hero FinCorp are in talks to participate. The binding documents have been signed, and an official announcement is expected after due diligence.

The valuation remains unchanged at $5 billion. These transactions are being positioned to shift more equity from foreign to Indian investors.

Earlier Fundraising and Ownership Details

In November 2024, Zepto had raised $350 million from Indian investors at the same $5 billion valuation. Investors included Motilal Oswal Private Wealth, Abhishek Bachchan, and Sachin Tendulkar. After that round, domestic ownership stood at about 30%. The company’s co-founders, Aadit Palicha and Kaivalya Vohra, hold a combined 20% stake.

According to Traxcn, Zepto has raised $1.95 billion so far across ten rounds. Its largest round was a $665 million Series F in June 2024.

Read more: Zepto Renames Parent Company From Kiranakart Ahead of IPO

Market Standing

Zepto currently handles 1.45-1.55 million orders a day. Eternal owned Blinkit leads with 1.65-1.75 million daily orders, while Swiggy’s Instamart averages between 1.05-1.15 million.

Conclusion

Zepto continues to shift its shareholder base towards Indian investors while preparing for an IPO and maintaining its $5 billion valuation through ongoing secondary deals. The proceeds are being used to expand its dark store footprint and grab more market share.

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