Quick commerce company Zepto has raised US$350 million in a domestic funding round. Indian investors have provided a lot of support in raising funds. The company announced this on Friday. On behalf of the company, it has been said that Quick Commerce Company has raised the largest 100 percent domestic fund in India's startup ecosystem. The round included investments from Indian HNIs, family offices and leading financial institutions, PTI reported.
These veteran investors participated
According to the news, the fund raising was led exclusively by the private wealth division of Motilal Oswal. Motilal Oswal AMC and Ramdev Agarwal, Tapadia Family Office, Mankind Pharma Family Office, Cello Family Office, Haldiram Snacks Family Office, Sekhsaria Family Office, Kalyan Family Office, Happy Forgings Family Office, Mother's Recipe Family Office (Desai Brothers) are involved in this fund raising. And many family offices including notable personalities like Abhishek Amitabh Bachchan and Sachin Ramesh Tendulkar and Investors participated.
Risk appetite of domestic investors
Zepto said that this round reflects the growing commitment of Indian investors to support transformative startups. According to the company, this historic funding comes at a time when India's economy is moving towards domestically driven growth. When we started this venture, the risk appetite among domestic investors was limited, especially as 18-year-olds were less likely to trust their money.
Will set an example for upcoming startups
Adit Palicha, CEO and Co-Founder, Zepto, said, “Today, we are very pleased to have reached a milestone in India’s economic growth where we have not only fostered that trust but also led a fund raise of this size, Which will hopefully set an example for upcoming startups. Ashish Shankar, MD & CEO, Motilal Oswal Private Wealth, said Motilal Oswal is a firm believer in the future of digital businesses, especially quick commerce players like Zepto, which are potential free cash flow powerhouses.
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