Zepto raises Rs 7.5 Cr in funding from Elcid Investments

Quick-commerce startup Zepto has secured Rs 7.5 crore ($0.9 million) in funding from Elcid Investments Ltd., according to a stock exchange filing by the Mumbai-based NBFC, even as the company gears up for a much larger funding round expected to value it at $7 billion.

The company’s revenue surged 2.5x year-on-year to Rs 11,110 crore ($1.34 billion) in FY25, up from Rs 4,455 crore ($537 million) in FY24 and Rs 2,024 crore ($244 million) in FY23, marking a consistent doubling in top-line growth each year, showed the filings.

A spokesperson for Zepto said the company’s valuation in the current round exceeds $5 billion, the mark it last touched in its previous fundraise. The proposed round, if completed, would push Zepto’s valuation to new highs.

As per the filing, Elcid will acquire 22,55,639 equity shares of Zepto at Rs 33.23 apiece, implying a 0.039% equity stake in the company on a fully diluted basis.

The quick-commerce firm competes with Swiggy Ltd and Eternal Ltd, the parent company of Zomato and Blinkit. Swiggy’s revenue rose to Rs 15,623 crore ($1.88 billion) in FY25 from Rs 11,634 crore ($1.40 billion) a year earlier, while Eternal posted revenue of Rs 21,320 crore ($2.57 billion), up from Rs 12,961 crore ($1.56 billion) in FY24.

The latest investment comes at a time when Zepto is reportedly in advanced discussions to raise fresh capital led by existing investors, including General Catalyst and Avenir, in what could be one of the largest private financing rounds for an Indian consumer-tech firm this year.

Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto delivers groceries and essentials in under 10 minutes across major metros.

Zepto is also preparing for a potential initial public offering, possibly as early as calendar 2025. “That’s our ambition... of course, capital markets may change, but for now we’re optimistic—if the business continues to perform well—we will go public in 2025,” Palicha said in an earlier interview with PTI.

The company recently completed a reverse flip, shifting its parent entity from Singapore to India, and changed its corporate name from Kiranakart Technologies to Zepto Private Limited, as part of its IPO-readiness efforts. However, it has delayed this plan to 2026. 

Zepto had raised over $1 billion across multiple funding rounds last year. In its most recent round in November 2024, the company secured $350 million at a $5 billion valuation, led by Motilal Oswal Asset Management Company, with participation from several family offices and investors, including the Taparia Family Office and Mankind Pharma Family Office, among others.