Zepto bags $450 mn from US pension fund, early investors

Quick-commerce platform Zepto has raised $450 million at a valuation of $7 billion, led by US-based pension fund Cal. ifornia Public Employees’ Retirement System (CalPERS), itsaid inastatement.

- Sowmya Ramasubramanian [e-mail]

Existing backers Avenir Growth, Avra, Lightspeed, Glade Brook, The Stepstone Group, and Nexus Venture Partners also participated in the round.

“This financing round is a reflection of our team’s execution to grow the business rapidly while consistently building operating leverage. We now have approximately $900 million of net cash in the bank and are more than well-capitalized for the future,” Aadit Palicha, co-founder and chief executive officer of Zepto, said inthe statement.