Decoding Zepto’s Series D round and captable

Quick commerce platform Zepto recently caught the headlines when it raised a $200 million round. While the Mumbai-based startup was on the verge of becoming another unicorn from India, it closed the round at $900 million.

Y Combinator Continuity led the Series D round along with participation from Kaiser Permanente, Nexus Ventures, Glade Brook and Lachy Groom. Fintrackr has decoded the round break-up, valuation and shareholding structure from Zepto’s regulatory filings in Singapore.

Continuity has invested $40 million in this round followed by Kaiser Foundation and Lachy Groom which pumped $30 million each. Nexus, Glade Brooks and Oliver Jung have invested $20 million, $10.6 million and $8.64 million respectively.

SAYACORP, Contrary Capital, GC&H Investments, Manoj Chawla and Benjamin Jubas have collectively put in $4 million while the remaining $60 million is yet to hit the company’s coffers.

As per Fintrackr’s estimates, Zepto has been valued at $835 million and the valuation will touch the $900 million mark when it receives the remaining $60 million. With the Series D round, Zepto has scooped up $360 million to date.

After the fresh allotments of shares, Nexus Ventures has emerged as the largest stakeholder in Zepto with 20.07% holding. Y Combinator, Lachy Groom and Glade Brook are the next on the captable with 14.8%, 10.32% and 8.7% stake respectively.

Zepto’s co-founder and CEO Aadit Palicha (along with his relative Kavit Palicha) has 15.18% stake whereas the other co-founder Kaivalya Vohra (along with his relative Jaideep Vohra) holds 12.64% stake. The complete shareholding of Zepto can be seen below:

Zepto tries to deliver grocery delivery within 10 minutes and recently started instant cafe items such as coffee, chai and bakery products in a few pockets of Mumbai. The company has been facing strong competition from Swiggy Instamart, Dunzo and Zomato-backed BlinkIt.

During the latest round, Zepto claimed that it posted 800% Q-o-Q revenue growth. The company, however, did not provide any further details.

After back to back funding rounds, startups across the country are facing challenges to raise a new round and have been going through cost-cutting exercise to extend their runway. Zepto’s backer Y Combinator also asked the founders of its portfolio companies to plan for the worst.