Startups
Zepto Hits $5 Billion Valuation in Latest Big India Commerce Bet
- General Catalyst, Lightspeed join $340 million funding round
- India e-commerce is expanding alongside growth of middle class
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Indian online grocer Zepto’s valuation climbed about 40% to $5 billion in a funding round led by General Catalyst Partners, marking the latest major bet by foreign investors in the country’s e-commerce market.
New investors Dragon Fund and Epiq Capital participated in the $340 million round, Zepto said in a statement late Thursday. Existing backers including Lightspeed Venture Partners and DST Global stepped up their stakes.