Two dynamic companies, Zepto and Elchemy, have taken significant steps forward with major funding rounds, enabling their growth in competitive markets.
Quick commerce leader Zepto has secured $350 million in funding, led by Motilal Oswal Private Wealth, with participation from investors like Raamdeo Agarwal, Mankind Pharma Family Office, and celebrities Sachin Tendulkar and Abhishek Bachchan.
The Mumbai-based company has raised $1.35 billion in 2024, totaling $1.85 billion since its inception. Despite the funding influx, its valuation holds steady at $5 billion.
Operating over 550 dark stores nationwide, Zepto delivers 25,000+ products in under 10 minutes, processing 700,000 daily orders. With a 29% market share, it stands as the second-largest player in the quick commerce sector, behind Blinkit.
Zepto’s revenue surged to ₹2,024 crore in FY23, a 14-fold increase from the previous year, though losses widened to ₹1,272 crore. The company projects FY24 revenue of ₹5,000 crore and plans an IPO by 2025.
Specialty chemical distribution platform Elchemy has raised $5.6 million in a funding round led by Prime Venture Partners, with support from InfoEdge Ventures. This new round builds on a $1.96 million seed round raised in 2022.
Elchemy simplifies the sourcing and fulfillment of specialty chemicals for international buyers, focusing on exports. It connects buyers with Indian and Southeast Asian suppliers, ensuring quality and operational efficiency.
With the funding, Elchemy will expand its U.S. team, strengthen its technology, and invest in advanced supply chain visibility features, such as real-time tracking and automated documentation. The company serves over 80 clients worldwide and plans to acquire 100 new customers in North America within the next year.