Motilal Oswal and Raamdeo Agrawal Boost Zepto's Indian Ownership Through $100M Deal

Motilal Oswal and Raamdeo Agrawal, co-founders of Motilal Oswal Financial Services, have acquired Zepto shares worth $100 million in a secondary transaction. This move aims to boost Indian ownership in Zepto as it prepares for an IPO. The deal involves a larger $250 million secondary round.

Motilal Oswal Financial Services co-founders Motilal Oswal and Raamdeo Agrawal have made a significant investment in Indian startup Zepto, purchasing shares worth $50 million each in a secondary transaction. This $100 million acquisition, sourced from foreign investors, intends to increase Indian ownership of Zepto, a key step ahead of its anticipated IPO.

According to sources, the Indian ownership of Zepto is currently over 42% and aims to surpass the 50% threshold with upcoming transactions. A larger $250 million secondary round is being led by Motilal Oswal Financial Services through its clients, alongside participation from Edelweiss and Hero FinCorp, totaling $350 million.

All transactions are based on Zepto's previous valuation set in August 2024 at $5 billion. Binding documents for the $250-million round are signed, with a formal announcement expected in June following due diligence. Zepto has not responded to queries regarding these developments.

(With inputs from agencies.)