Zepto, a leading quick delivery platform and Blinkit’s rival, announced that it has successfully raised $665 million in its latest funding round, valuing the company at $3.6 billion. This round comes just nine months after Zepto raised $235 million at a $1.4 billion valuation, highlighting its rapid growth and investor confidence.

New investors in this oversubscribed round include Avenir, Lightspeed, and Avra, among others, joining existing backers Glade Brook, Nexus, and StepStone. Goodwater and Lachy Groom also doubled down on their investments, underscoring strong support for Zepto’s business model and growth trajectory.

Zepto’s Co-Founder and CEO, Aadit Palicha, emphasized the company’s profitability trend, noting that an increasing number of stores are achieving near EBITDA positivity. This operational efficiency has fueled Zepto’s expansion from 350 stores to a planned 700 stores. Palicha expressed confidence in Zepto’s readiness for an IPO in the near future, contingent on maintaining customer satisfaction and financial discipline.

Regarding financial performance, Zepto reported significant year-on-year growth in gross merchandise value (GMV), surpassing $1 billion. Three-quarters of Zepto’s stores are now fully EBITDA positive as of May, reflecting robust operational metrics amidst rapid scaling.

Kaivalya Vohra, Co-Founder and CTO of Zepto, outlined plans to use the fresh capital to bolster the company’s talent pool across key functions such as engineering, product development, growth strategies, finance, operations, and category management.

Founded in 2021 by Aadit Palicha and Kaivalya Vohra, both dropouts from Stanford University, Zepto has emerged as one of India’s fastest-growing internet companies. Headquartered in Mumbai, Zepto specializes in delivering a wide range of products within 10 minutes across various categories.

Paul Hudson, CIO of Glade Brook Capital Partners, praised Zepto’s achievements, highlighting the company’s potential and their continued partnership. He described Zepto as exemplifying the promise of the next generation of Indian founders.

Zepto’s latest funding round underscores its strong market position and ambitious growth plans, setting the stage for potential future milestones including an IPO. With solid financial fundamentals and expanding operational footprint, Zepto continues to shape the competitive landscape of India’s quick delivery market.