Motilal Oswal, Raamdeo Agrawal Buy $100 Million Zepto Shares; Another $250 Million Round Planned

Motilal Oswal Financial Services Co-Founders Motilal Oswal and Raamdeo Agrawal have purchased Zepto shares worth $50 million (about Rs 424 crore) each in a secondary transaction, while an additional $250 million round is in the pipeline, according to people familiar with the matter.

The shares have been acquired from foreign investors, they said.

The $100-million deal was executed from their proprietary books and marks a significant step in Zepto's ongoing push to increase Indian ownership ahead of its planned IPO.

Currently, Indian ownership in Zepto stands at just over 42 per cent, with other transactions in the pipeline expected to further boost this figure. The company has set an internal target of crossing the 50 per cent domestic shareholding threshold before its IPO.

In addition to the $100-million purchase, Motilal Oswal Financial Services is leading a larger $250 million secondary round through its clients, the sources told PTI.

Edelweiss and Hero FinCorp are also participating in these transactions, bringing the total to $350 million.

All deals are being executed at Zepto's previous valuation of $5 billion, set in August 2024.

The binding documents for the $250-million round have been signed, and a formal announcement is expected in June after due diligence is complete.

Queries sent to Zepto did not elicit a response.