In a striking move to amplify Indian stakeholding in quick commerce startup Zepto, Motilal Oswal and Raamdeo Agrawal, the visionaries behind Motilal Oswal Financial Services Limited, have each invested $50 million through secondary share purchases. This landmark transaction amounts to a total of $100 million, marking a significant shift in ownership from foreign to domestic hands.
The duo acquired shares from Zepto’s early overseas investors, including names like Rocket Internet and Lachy Groom, signaling a bold intent to reclaim strategic Indian equity in the rising digital retail landscape.
Further developments suggest that Motilal Oswal’s firm is preparing to lead another secondary round estimated at $250 million. This phase will witness further reallocation of equity from foreign backers to Indian investors, aiming to deepen Zepto’s local roots. Domestic institutions like Edelweiss and Hero Fincorp are also expected to join in this capital reshuffle.
Zepto, now officially classified as an IOCC, has the regulatory green light to own inventory—an operational leap the company sees as vital. “We believe that is important, and is another concrete step towards making our business more resilient in the long term,” shared Akshant Goyal, Zepto’s Eternal CFO, in a shareholder note.
Meanwhile, rival player Swiggy Instamart holds a cautious view on this model. Swiggy’s CFO Rahul Bothra explained, “From an overall economics standpoint, we believe the magnitude of difference can’t be more than 30-35 basis points… It is a choice to be made on the commercial model.” While acknowledging potential future adoption, he clarified, “we may also want to consider it… when we believe it is the right time,” but emphasized, “there is no plan in the near future.”
This strategic infusion not only reinforces Zepto’s capital but also sets the stage for an Indian-led narrative in quick commerce, reaffirming investor confidence in the country’s digital retail revolution.
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