New Delhi: Online grocery company Zepto on Friday said it raised USD 200 million (around Rs 1,653 crore) in a funding round led by StepStone Group and said the company plans to launch its Initial Public Offering (IPO) by 2025.
The funding is set to make the company the only startup to turn unicorn this year, Zepto said.
The Mumbai-headquartered quick commerce company plans to go public by 2025, founders Aadit Palicha and Kaivalya Vohra said.
The company said it aims to become EBIDTA-positive in 12-15 months.
"This business is about execution and we are succeeding because our execution is strong. Our culture of deep frugality and worshipping customers has gotten us here, but there is still so much for us to achieve," Zepto co-founder and CEO Aadit Palicha said.
"We are in this to build a generational company and it truly feels like this is just the beginning, Palicha added.
The company's another co-founder and CTO Kaivalya Vohra said Zepto is likely to achieve USD 1 billion in annualised sales by the next few quarters.
"We are building one of the best supply chain product stacks in the country today and we are investing heavily in customer-facing product as well," Vohra added.
The latest funding round saw participation from new investors Goodwater Capital, based in California, and StepStone Group.
Existing investors such as Nexus Venture Partners, Glade Brook Capital and Latchy Groom and others also participated in the Series E funding round.
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