Oswal Financial Services Founders Motilal Oswal And Raamdeo Agrawal Buy $100 Mn Shares In Zepto

Oswal Financial Services Founders Motilal Oswal And Raamdeo Agrawal Buy $100 Mn Shares In Zepto

The unicorn plans to have over 50 percent domestic ownership before its IPO is expected by late 2025 or early 2026

Motilal Oswal Financial Services Limited’s founders, Motilal Oswal and Raamdeo Agrawal, have purchased $100 million ($50 million each) worth of shares in the quick commerce firm Zepto.

While the unicorn has been increasing the shareholding of domestic investors, it plans to have over 50 percent domestic ownership before its initial public offering (IPO), planned for late 2025 or early 2026.

Early this year, Zepto shifted its domicile from Singapore to India, establishing its headquarters in Bengaluru to align with the Securities and Exchange Board of India (SEBI) regulations.

The Oswal founders acquired shares from the company’s early investors, mainly foreign supporters. The transactions were accepted at a previous valuation of $5 billion (August 2024) to make it lucrative for domestic investors.

Meanwhile, Motilal Oswal is leading a separate secondary round in Zepto worth over $250 million. It will witness participation from Edelweiss and Hero FinCorp.

Even as the binding document is signed, Zepto is likely to announce the development soon after the formalities are complete.

In November 2024, Zepto raised $350 million at a valuation of $5 billion. Motilal Oswal’s Private Wealth division led the round, which also included Indian family offices and high-net-worth individuals.

Zepto co-founder and chief executive officer Aadit Palicha claimed the company was 30 percent domestically owned after the fundraiser.

Meanwhile, Palicha and the company’s co-founder, Kaivalya Vohra, own 20 percent shares in Zepto.