CalPERS and General Catalyst led a $450m Series H round in Zepto.

CalPERS, a public pension fund, and General Catalyst, a venture capital firm, led a $450m Series H round in Zepto, a a quick-commerce startup, with participation from Avenir, Avra, Lightspeed, Glade Brook, StepStone Group, and Nexus Venture Partners. “The key metric for this round of funding was our ability to turn dark stores profitable while acquiring over 10 million new monthly transacting users. We obviously invested incrementally in customer acquisition and store launches. But even as you were doing that, we were able to keep turning stores profitable,” Palicha, Zepto CEO.