Zepto Raises ₹3,200 Crore in Series G Round
The quick-commerce platform will expand to 40 new cities and build a temperature-controlled logistics network.
Quick-commerce platform Zepto has closed a ₹3,200 crore Series G round led by US venture firm General Catalyst, with Lightspeed, Nexus Venture Partners and DST Global participating. The round values Zepto at about ₹28,000 crore post-money, three years after its founding.
Quick commerce refers to delivery of groceries and essentials in minutes from local micro-warehouses known as dark stores.
Key Highlights
- ₹3,200 crore Series G led by General Catalyst.
- Post-money valuation about ₹28,000 crore.
- Expansion planned to 40 Tier-2 and Tier-3 cities in 18 months.
- Investment in temperature-controlled dark stores and logistics.
- AI demand forecasting to cut waste and speed delivery.
Where the Money Goes
CEO Aadit Palicha outlined three uses: geographic expansion to 40 new Tier-2 and Tier-3 cities; a proprietary temperature-controlled dark-store and logistics network for fresh produce, dairy and pharmaceuticals; and AI-driven demand forecasting to reduce wastage and push delivery below the current 10-minute median.
The round at a glance
| Detail | Fact |
|---|---|
| Amount | ₹3,200 crore |
| Lead investor | General Catalyst |
| Valuation | About ₹28,000 crore (post-money) |
| Expansion | 40 Tier-2 and Tier-3 cities |
| Key bet | Cold-chain logistics |
Competition Intensifies
The category has consolidated around three national players — Blinkit, Swiggy Instamart and Zepto — which together processed roughly ₹28,000 crore in GMV in the preceding quarter. Analysts project the category could reach ₹1.5 lakh crore in annual GMV by 2028 as delivery deepens into smaller cities such as Surat, Nagpur, Coimbatore and Lucknow.
Cold-Chain Differentiation
Most dark stores cannot reliably handle perishables and pharmaceuticals needing continuous cold-chain. Building that capability could win Zepto a bigger share of grocery spend, especially where distrust of the cold chain keeps shoppers with organised retail or local kiranas. Investors framed the winner as decided over five to seven years of infrastructure investment, not near-term profit — a view consistent with India's broader flight-to-quality funding trend.
Frequently Asked Questions
How much did Zepto raise?
₹3,200 crore in a Series G round led by General Catalyst.
What is Zepto's valuation?
About ₹28,000 crore post-money.
Where will Zepto expand?
To 40 Tier-2 and Tier-3 cities over 18 months.
Why invest in cold chain?
To reliably deliver fresh produce, dairy and pharmaceuticals and win more grocery spend.
Who are Zepto's main rivals?
Blinkit and Swiggy Instamart.
Sources
- Zepto — funding announcement
- Quick-commerce GMV industry estimates