Tech3 | Zepto raising funds again; Zomato’s mega ESOP pool; and more

Breaking: Zerodha may soon have to abandon its pioneering zero brokerage structure. Why? Read more

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One quick thing: Karnataka HC sets aside NCLT stay on Byju's second rights issue

• Unacademy cuts another 250 jobs.

In today’s newsletter:?

• Zepto's purple patch?
• Zomato’s mega ESOP pool gets the greenlight
• Stock gaming apps hit hard by Sebi

Zepto's purple patch

Quick commerce startup Zepto is appearing sizzling hot to investors even as the overall funding landscape remains frosty in the country.?

Tell me more: On the heels of raising a mega $665 million financing, Zepto is gearing up to raise another $400 million, sources told us.?

• Of the planned $400 million, the quick commerce player has already received commitments worth $250 million, we have learnt.?

General Catalyst is most likely to join the captable while private equity giants such as KKR, Abu Dhabi Investment Authority (ADIA), Singapore’s GIC have expressed interest, too.?

The fresh financing is also happening at a heftier valuation than the previous round

• Zepto is being valued at $4.6 billion, about 30% higher than its current valuation of $3.6 billion.

• Zepto’s valuation has jumped 3.3X since August 2023 when it raised $231 million at $1.4 billion valuation?

Funding frenzy: Once the round closes, Zepto would have cumulatively raised over $1 billion in a short span, a rarity in such times.

• It would surpass Flipkart’s $950 million fundraise which closed in May.?

Such heightened funding activity was last seen during 2020-2021 when companies like Byju’s and others mopped up large funding rounds of over $1 billion in a quick period.

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