Quick commerce start-up Zepto has raised $450 million (around ₹3955 crore) in a fresh funding round comprising of a mix of primary and secondary transactions, in its bid to scale up business ahead of a prospective public listing.

The latest round, which values the company at $7 billion, is reportedly led by California Public Employees’ Retirement System, marking the US pension fund’s rare direct investment in a start-up. The round also saw participation from existing investors, including Avenir, Avra, Lightspeed, Glade Brook, Stepstone Group and Nexus Venture Partners, according to TechCrunch.

Data from Tracxn shows the company had a post money valuation of $5 billion in its earlier funding round in August 2024. “We now have $900 million of net cash and is more than well capitalised for future growth,” said Aadit Palicha, CEO and co-founder, Zepto.

The company has scaled its order volume 200 per cent over the past 18 months and was able to consistently turn more of its dark stores profitable even as it invested in growth.

Zepto, which was founded in 2021, competes with Eternal’s BlinkIt, Swiggy Instamart and Tata’s BigBasket. Signs for the quick commerce market growth is also encouraging with legacy e-commerce players Amazon and Walmart backed Flipkart also venturing into the sector. Morgan Stanley predicts the quick commerce market could reach $57 billion by 2030.