Bloomberg Highlights Dragon Fund as Key Investor in Zepto’s $340 million Round Leading to $5 Billion Valuation

Bloomberg announced Dragon Fund recently co-led alongside General Catalyst the $340 million funding round for Zepto, an Indian online grocery startup, elevating its valuation by 40% to $5 billion. The round also attracted new investor Epiq Capital, with existing backers like Lightspeed Venture Partners and DST Global increasing their stakes. This funding surge underscores the ongoing enthusiasm among foreign investors for India’s e-commerce market, even as other sectors face challenges.

The article discussed that Zepto, founded in 2021 by childhood friends and Stanford dropouts Aadit Palicha and Kaivalya Vohra, has quickly become a significant player in India’s hyper-competitive grocery delivery market. The startup’s rapid growth comes at a time when India’s e-commerce sector is thriving, driven by a fast-expanding online consumer base in one of the world’s largest economies. Zepto’s strategy includes doubling its warehouse network to over 700 locations by March 2025, and reinvesting profits from its existing dark stores. The company is also preparing for an initial public offering (IPO) as it continues to scale.

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