Zepto looks to raise $650 million in pre-IPO round

Quick commerce unicorn Zepto is planning to raise $650 million in a pre-IPO round, co-led by existing investors Nexus Venture Partners and US-based Glade Brook Capital, according to sources familiar with the matter. The new round will give the startup a post-money valuation of $3.5 billion, up from its pre-money valuation of $2.9 billion.

Sources added that existing investors are putting in most of the capital, while new investors such as DST Global, Avra and New York-based Avenir Growth are also participating in this round. The fund will be largely used to expand Zepto’s presence to new cities and penetrate deeper into the existing ones.