Zepto Raises $340 Million for IPO Preparation

Zepto, the Indian quick commerce startup, has raised $340 million in a funding round led by General Catalyst, boosting its valuation to $5 billion. This follows a remarkable year where the company secured $1 billion in total funding and plans to prepare for an IPO within 18-24 months. With the funding, Zepto aims to double its dark stores to 700 by March 2025 and expand into new markets while maintaining a focus on profitability in lower operational cost areas. Co-founder Aadit Palicha forecasts a 150% growth in sales over the next year, projecting annual sales to exceed $3.5 billion. The quick commerce sector is rapidly growing, outpacing traditional e-commerce with a collective annual sales target of over $6 billion among major players. As competition intensifies with rivals like Zomato’s Blinkit and Swiggy, Zepto is positioning itself to capitalize on the increasing demand for speedy delivery among India's urban consumers.