Motilal Oswal and Raamdeo Agrawal, founders of Motilal Oswal Financial Services Limited (MOFSL), have invested $100 million in Zepto, in their personal capacity. Sources said both the founders have bought shares worth $50 million (around ₹425 crore) each, in the quick commerce platform. This signals growing interest from domestic investors ahead of the quick commerce unicorn’s IPO and at a time when it is looking to become a India-owned and controlled company.

Zepto refused to comment on the development.

Apart from the current round, MOFSL is also preparing to lead a secondary share sale round to the tune of $250 million in Zepto, sources added. Other key investors participating in this round include Edelweiss and Hero Fincorp. The roundvalues Zepto at $5 billion.

This transaction is expected to provide a partial exit to offshore investors of Zepto. Its offshore investors include Nexus Venture, Glade Brook, Stepstone, General Catalyst, Rocket Internet and Lachy Groom.

Shifting base

In January this year, Zepto moved its domicile from Singapore to India and set up its headquarters in Bengaluru. The quick commerce company is planning to go for a public listing in later this year or early 2026. The company aims to raise funds through secondary share sale is to increase the ownership of Indian investors.

In April, Zepto Co-Founder Aadith Palicha said it is inching close to $4 billion annualised gross order value (GOV) with a strong focus on cutting down operating cash flow burn.The platform also said it is confident of being a ”touching distance” from becoming EBITDA positive within a few months.The platform was at $1 billion annualised GOV during the same period last year.

It is reportedly aiming to grow domestic ownership to 51 per cent ahead of the proposed IPO.

Founded in 2021 by Aadit Palicha and Kaivalya Vohra, the quick commerce company became a unicorn in August 2022. 

Published on May 12, 2025