Zepto secures another $340 mn at $5 bn valuation as quick commerce booms

Just two months after raising a pre-IPO funding round of $665 million, quick commerce startup Zepto has secured follow-on financing of $340 million led by US-based venture capital firm General Catalyst, taking its valuation to $5 billion.

New investors Dragon Fund and Epiq Capital joined the round while existing investors StepStone, Lightspeed, DST and Contrary increased their stakes.

The Mumbai-based company has raced its way to bag some of the biggest funding rounds so far this year, as it reshapes India’s e-commerce sector forcing giants including Walmart-backed Flipkart and Tata’s BigBasket to venture into instant deliveries.