Indian quick-commerce startup Zepto has raised $400 million in a new funding round led by U.S.-based pension fund CalPERS (California Public Employees’ Retirement System). The round, a mix of primary and secondary investments, also saw participation from Avenir, Avra, Lightspeed, Glade Brook, The Stepstone Group, and Nexus Venture Partners. Zepto plans to go public next year following this fresh capital boost.
The Mumbai-based company competes with BlinkIt, Swiggy Instamart, and BigBasket, all owned by publicly listed firms. Zepto has been rapidly scaling, picking up $1.3 billion in funding last year alone. Since its last round in November 2024, competitors have made key moves, Swiggy debuted on India’s stock exchange, and BlinkIt surpassed Zomato in gross order value for Q1 2025.
CEO Aadit Palicha revealed that Zepto has grown from 500,000 to 1.7 million daily orders within five quarters. “The key metric for this round was our ability to make dark stores profitable while acquiring over 10 million new monthly users,” Palicha said.
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Zepto’s dark store network now spans over 1,000 locations across 80+ cities, with plans to add hundreds more in the next year. Although most business comes from metro cities, smaller cities now contribute nearly 20% of total orders.
The funding also marks a major shift for CalPERS, which traditionally invests through venture funds rather than leading direct rounds. Its decision to back Zepto signals growing institutional confidence in India’s fast-growing quick-commerce sector, projected to hit $42–100 billion by 2030.
Zepto will use the funding to expand operations, simplify its app interface, and push toward a 2026 IPO, aiming to solidify its place among India’s leading rapid-delivery platforms.
