Now, Zepto Raises INR 400 Cr From Motilal Oswal Financial Services

Adding to its spree of fundraises in the past two weeks, quick commerce major Zepto has now raised INR 400 Cr (about $45.7 Mn) from financial services company Motilal Oswal Financial Services Ltd (MOFSL).

The all-cash transaction saw MOFSL subscribe to 7.6 Cr compulsorily convertible preference shares (CCPS) of the startup. In an exchange filing today, MOFSL said that the share acquisition is a part of the treasury investment book, “executed with the objective of generating sustainable, long-term returns”.

This comes months after MOFSL’s founders Motilal Oswal and Raamdeo Agrawal bought Zepto shares worth $100 Mn in May. In the filing, MOFSL informed that its “promoter and promoter group” currently hold 48,720 CCPS of the startup.

In May, sources told Inc42 that Oswal and Agrawal bought Zepto shares worth $50 Mn each as part of a larger $350 Mn round, with the rest being mopped up by the clients of the financial services company, including domestic family offices.

This marks the third instance of the quick commerce unicorn raising capital from a listed entity. Recently, it raised INR 7.5 Cr from Elcid Investments and INR 25 Cr from MapmyIndia. However, there hasn’t been any official comment from Zepto on the funding spree.

(The story will be updated shortly.)

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