Zepto is a quick-commerce company that, despite only being a bronze medallist, behaves like it's won gold.

Quick commerce in India is experiencing rapid growth right now. For example, when Zepto, a leading player in the industry, secured $665 million in June—the largest funding round they've had to date—it wasn't surprising to many. The investment came from American venture capitalists who have consistently supported Zepto through multiple funding rounds over the past three and a half years. This round is the biggest investment by VCs in Indian startups this year, according to Venture Intelligence. Meesho follows closely behind, having raised a third of that amount from Tiger Global and Prosus Ventures in May.

Aadit Palicha, Zepto’s co-founder, mentioned in a statement to The Ken that the company initially planned to start this fundraising effort later, around late June or early July. However, increased media coverage accelerated investor interest, bringing new backers like Avenir, Lightspeed Venture Partners, and Avra on board. Existing investors, including Glade Brook Capital and Nexus Venture Partners, also increased their stakes, each contributing $150 million. Additionally, Zepto is looking to raise another round from leading global VCs at a $5 billion valuation, although Zepto initially dismissed this as "market speculation" when first reported by The Information in June.